NITI Aayog Urges China Businesses To Make India An Export Destination
NITI Aayog Vice Chairman Rajiv Kumar. (Photo: PTI)

NITI Aayog Urges China Businesses To Make India An Export Destination

Bookmark

NITI Aayog Vice Chairman Rajiv Kumar on Monday urged Chinese businesses to look at India as an export destination from where they can sell products to various countries.

"We will welcome all export-oriented investment from China. I am also pleased to hear the kind of opportunities that we can have for the Chinese investment in our infrastructure, in our railways, in our roads, ports, airports, everywhere, even in our real estate," Kumar said at the India-China Economic Cooperation Forum organised by the Confederation of Indian Industry in New Delhi.

According to Kumar, India and China can easily achieve $100 billion in bilateral trade within the next two years. "We can surely reach the target of $100 billion bilateral trade in the next two years. And I'm sure that we will surpass $20 billion foreign direct investment between the two countries in the next 2-3 years," he said.

Elaborating on the export-oriented investment from China, Kumar said it is akin to U.S. investment in China which is all about exporting back to the U.S.

"It is now time for Chinese companies to invest in India, make in India and then export from India, whether it is back to China or Africa or the U.S., as these goods will go from India. And I think that's the investment we are really looking for because that will be helping us both in terms of our economy generation to Make in India and increasing our exports," he said.

India and China, through the CII forum, have agreed to identify non-tariff areas so that it becomes easier for Indian companies to make inroads into that nation, said the NITI Aayog vice chairman.

"In several areas, especially for India, like say for pharmaceuticals and IT, the market access to China is affected by procedures and licences. So, we have agreed that we will look at these non-tariffs measures and try to address them so that we can achieve better market access," he said.

Kumar also assured Chinese investors and businesses all kinds of help to do business in India, saying they can approach NITI Aayog as and when they feel there are issues to be addressed.

"I want to assure my Chinese friends and the Chinese companies... We have the CII, and the Indian companies can become partners in joint ventures for bringing Chinese companies in India and making it easier for them, facilitate their entries.

"I can assure—on my behalf, on Niti Aayog's behalf—that if there is at any time at all, any effort that is needed on the part of the Government of India, do not hesitate to approach me. We will make sure that whatever stumbling block you are facing, either in the central government or in the states, we will work towards getting it removed and getting it addressed," said Kumar.

Meanwhile, five memoranda of understanding were signed between Indian and Chinese entities. These include between:

  • CII and China Association of Circular Economy
  • China Datang Technologies and Engineering and Gujarat Electricity Cooperation
  • Beijing Membrance Technology and Client Nature Tech Enviro Protection

India-China bilateral trade stood at $87 billion during 2018-19.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.