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India's industry body and China SMEs sign MoUs to explore greater business ties
Industry body ASSOCHAM and Small and Medium Enterprises (SMEs) of China today have inked five MoUs in different sectors to promote and help the SMEs to exchange technologies and enter joint ventures (JVs).
The MoU was signed between the two organisations by Wu Xiaochun, Director General, SME Bureau China and D.S. Rawat, Secretary General, ASSOCHAM here today at New Delhi.

The areas identified were processed food, cosmetics, rubber, plastics, textiles, machines for garment industry, and small scale plants for a range of consumer durables among others. Toolings and Process machinery for painting, plating and coating also have enormous opportunities.

The bilateral trade reached US$ 75.5 billion in 2011-12 with trade deficit of about US$ 40 Bn. With the growth in bilateral trade between India and China in the last few years, many Indian companies have started setting up Chinese operations to service both their Indian and MNC clientè€le in China.

The trade deficit with China stands at US$36.21 billion in 2013-14. This can be reduced to sustainable levels through more exports from India to china as well as China's investing in building manufacturing capacities in India.

Rawat said, India and China will identify the business opportunities in the small and medium enterprises (SMEs) segment across wide range of sectors from agricultural products to textiles and machinery.

"China ranks 31stamong countries contributing FDI to India. FDI inflows from China into India currently stand at $0.575 billion while that from India to China reached $0.898 billion", according to ASSOCHAM paper.

The delegation also focused on strengthening 'smart manufacturing', solar energy, green houses/technologies, railway infrastructure supply staions buildings, and excalators for railway metro stations. ASSOCHAM will be holding a summit for Chinese companies to invest in India.

Some of the major Chinese companies present here are Huawei, ZTE, Haier, Sino Steel, Lenovo, Beijing Automotive Industrial Corporation, Xindia Steel and SANY among others. India also seeks access for Indian IT and pharmaceuticals companies into Chinese market.

ASSOCHAM shall also be organising two exhibitions in two provinces of China in Guangdong and Chengdu during October this year.

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