India makes strong investment pitch to Chinese firms

Last Updated: Fri, May 31, 2019 17:19 hrs
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Beijing: India on Friday made a strong pitch to the Chinese IT companies to invest in India and partner with Indian firms especially in the field of AIT-enabled services.

Several Indian and Chinese companies took part in the India-China business forum "Exploring opportunities, Enhancing cooperation".

India is the leader in software services while China is a major computer, hardware maker.

"When I talk about your (Made in China) 2025, our (Indian) economy is poised to reach $5 trillion. And of this, services would constitute about $3 trillion and this is the area where the potential is maximum and is waiting to be exploited," said Sangeeta Saxena, Director at India's Ministry of Commerce and Industry.

Saxena said India's service sector constituted over 62 per cent of the gross value added.

"It attracts more than 50 per cent of the foreign direct investment flowing into India and it contributes to almost 38 per cent of the total.

"Now when we look at India's service exports, we find that almost 40 per cent of that is coming from IT and IT-enabled services exports.

"We all know China is the leader in manufacturing and India's prowess in the services and especially IT services. So it can be a win-win partnership for both the countries to come together and explore further opportunities in these areas," Saxena added.

Acquino Vimal, the Deputy Chief of Mission at the Indian Embassy, said trade and investment between India and China have increased steadily over the years.

Bilateral trade crossed over $100 billion in 2018. India has a trade deficit of $57.4 billion with China.

"Like China, India is a huge market which offers may business opportunities both in the trade as well as in investments. We believe the Chinese companies are well positioned to take advantage of the large Indian market," Vimal said.

"As China moves towards high-quality growth and steadily moving towards its centenary goal in the high tech sector, Indian IT companies can be a useful practical and willing partner.

"India is a world leader in the area of IT and IT-enabled services with annual revenue of $167 billion and exports of $126 billion.

"India's software talent is not only harnessed by big software companies but also by Chinese companies like Huawei and Oppo who have opened their largest R&D centre outside China in Bangalore and Hyderabad," Vimal added.