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Sarkaritel.com News and Features
CII enlist agenda for boosting Sino-Indian
Trade
New Delhi, November 22, 2006
Confederation of Indian Industry , through a dipstick survey, has identified
five point agenda to boost up Sino-Indian trade in services which is negligible
at present. These are:
- Mutual recognition of qualifications
- Facilitating VISA procedures.
- Cost effective and wider broad-band connectivity
- Better air connectivity
- Higher transparency in Chinese regulation by making them available in the
public domain in English language.
The survey of CII membership has identified sectors of opportunities in
bilateral trade in services between India and China. The potential sectors
include: IT, financial services such as auditing and accountancy, environment,
education and health in the Chinese market. Chinese companies on the other hand
are interested in the area of construction and turnkey projects in the
infrastructure sector.
Since, large number of multinational companies are operating in China, there
is a huge opportunity for Indian companies in financial services like in
accountancy and auditing, the survey reveals. In the near future it is expected
that Chinese companies might require to appoint company secretaries as well when
India could provide professionals and training in that area.
Five Indian Banks already have branches in China. Indian banks are looking to
further enhance their presence in China given the growing engagement between
business on both sides.
In IT India has great trade potential in China for providing software
installation technologies to China’s hardware manufacturers and in the area of
software education. The Indian companies are already doing projects for MNCs
operated in China and these engagements should get extended to Chinese
companies.
Since, Chinese are showing keen interest in tourism and India has cultural
linkages with China, India should promote business and cultural tourism in
India. However, Indian companies felt that more budget tourism and more
facilitation for Chinese speaking tourists may give a boost to Chinese tourists
flows in India. Indian tourist service providers are looking for joint ventures
in China.
Given India’s cultural closeness with China, India should try to increase
market share for audio-visual services in China, many companies felt.
Indian health service is very competitive in terms of cost and quality
according to global standard. In this connection India may promote medical
tourism from China. Since India has experience in private initiatives in health
sector, we may look at access for building hospital facilities specially in
Chinese SEZs to provide services to the huge expatriate community in the various
MNCs in the SEZs. On the other hand, Indians are interested in availing Chinese
alternative treatments like acupuncture etc.
Chinese construction enterprises having greater exposure in acquiring
contracts for overseas projects in areas like electric power, energy services
and highways may enter into joint ventures with Indian companies and together
they can leverage their complementary skills to enter third country markets, the
survey revealed.
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