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| Indian businessmen look at Christmas products at the Yiwu International Trade City in Zhejiang province. Zhang Jiancheng / For China Daily |
Mutual investment and cooperation set to continue as trade volume expands
The emerging Indian market will continue to attract project-contracting businesses from China as experts call for more mutual investments and cooperation between large companies to tap the huge markets in both countries.
"China's project contracting business in India will maintain fast growth because the market is huge and the long-term prospects are very bright," said Hu Shisheng, director of the Institute of South and Southeast Asian and Oceania Studies at the China Institutes of Contemporary International Relations.
He added that India's 12th Five-Year Plan, which ends in 2017, will demand an investment of more than $1 trillion in its infrastructure sectors and bring great opportunities for Chinese project-contracting companies.
Wang Zaibang, vice-president of the China Institutes of Contemporary International Relations, added that China has the world's leading advantage in project contracting with its low costs, outstanding management and advanced equipment facilities. "The business in the Indian market is of great potential in the short term," he said.
India is China's biggest trade partner in South Asia and also an important investment destination and a leading overseas market for the project-contracting business, according to Vice-Minister of Commerce Jiang Yaoping.
By the end of 2012, Chinese companies in South Asia had achieved an accumulated value of project contracting of $106.4 billion and an accumulated realized turnover of $70.1 billion, both accounting for 11 percent of China's total, according to the Ministry of Commerce. Meanwhile, China's non-financial direct investment in South Asia jumped 39 percent year-on-year in 2012 to about $400 million.
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