COVID-19: Chinese firms in India suffered $50 mn loss so far

Source : IANS
Author : IANS
Last Updated: Sat, Feb 29th, 2020, 16:10:55hrs
COVID-19: Chinese firms in India suffered $50 mn loss so far

New Delhi: Chinese enterprises operating in India have so far suffered losses of over $50 million due to the coronavirus outbreak and are likely to be impacted further, according to Alen Wang, Chairman, Chamber of Chinese Enterprises in India.

The Chamber of Chinese Enterprises in India is a major stakeholder in Indo-China bilateral trade relations.

Speaking at a roundtable on coronavirus and India-China relations, Wang said: "According to estimated statistics from our chamber, till now only 2,000 people of Chinese enterprises are staying in India and the loss to Chinese companies is over $50 million and we believe it is still increasing."

Several Chinese companies, including technology firms, have operations in India with a major presence. The outbreak and spread of coronavirus has affected the trade between the two countries besides hitting imports from China.

China is a major source of supplies for several industries in India, including electronics and automotive, among others.

Kunal Lalani, Co-Founder, Kirin Crayons, said: "Today there is an uneasy calm prevailing across businesses in India and China as close to $87 billion worth of bilateral trade is at a potential risk. As we brace for the impact of coronavirus, we stand with the people, businesses and brands of China."