Beijing
Corporate India is readying to cash in on the China challenge with
top business honchos accompanying Prime Minister Manmohan Singh to
Beijing Sunday, putting the spotlight on burgeoning business ties
between the two rising Asian powers.
Anil Ambani of Reliance Anil Dhirubhai Ambani Group, telecom tsar
Suni Bharati Mittal, who also heads the Confederation of Indian
Industry (CII), Vinod Mittal of Ispat Industries Ltd and H.
Khorakiwala, chairman of pharmaceutical major Wockhardt Ltd, are
among leading industrialists who will be in Beijing next week.
Sanjiv Batra, chairman-cum-managing director of MMTC Ltd, Ramesh
Adige, executive director, Ranbaxy Industries Ltd and H.S. Banga,
chairman, Nobel India Ltd, are also expected to be part of the
40-odd-member business delegation.
Manmohan Singh begins his three-day visit to China Sunday.
Leading lights of India's apex business bodies, including the CII
and the Federation of Indian Chambers of Commerce and Industry (Ficci),
will also be part of the business team that will explore new
business opportunities offered by China, one of Asia's fastest
growing economies.
Between them, these industrialists straddle diverse sectors
including information technology, automobiles, petrochemicals,
media, pharmaceuticals, engineering and telecommunications.
Manmohan Singh, an economist and liberalizer who is credited with
opening the Indian economy in the early 1990s when he was finance
minister, will meet the crème de la crème of the Chinese business
world Jan 14.
Singh is also likely to speak to experts at the Academy of Social
Sciences about the Indian experience of blending economic growth and
social equity and Indian success in fields like education and
institution building.
Commerce Minister Kamal Nath, who will be part of the prime
minister's entourage, will speak at a business meeting organized by
the China Council for Promotion of International Trade in Beijing on
the same day.
Chinese industry is upbeat about doing business in India and plans
to invest around $8 billion in different projects in India over the
next couple of years.
Not so long ago, trade and investment between the two countries -
which fought a brief but bitter border war in 1962 - were hardly
anything to cheer about. Now, economic ties are blooming.
Bilateral trade from January to November 2007 topped $34.2 billion,
a year-on-year increase of 54 percent.
If it continues at this pace, bilateral trade will cross $40 billion
much before 2010 - the target set by the two countries during
Chinese President Hu Jintao's visit to India.
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