India has asked China to address the burgeoning trade imbalance while making a strong pitch for Chinese investments in its micro, small and medium enterprises (MSME) sector, especially in fields like IT, digital, mobile components and automobile ancillaries.
India’s MSME sector is poised for a major leap driven by the high growth with a high level of innovation and seeks a long-term partnership with Chinese entrepreneurs and investors, especially in areas like IT and digital, mobile components, automobile ancillaries, MSME Minister Kalraj Mishra said in Guangzhou on Monday.
He made the remarks at the China International Small and Medium Enterprises Fair (CISMEF). India co-hosted the CISMEF, 2016. A host of Indian enterprises took part in the fair.
Mishra said immense opportunities exist for cooperation between the SMEs of India and China for mutual benefits especially under the rubric of ‘Make In India’ initiatives launched by Prime Minister Narendra Modi.
Modi government has taken several initiatives to augment the growth of manufacturing sector in India like ‘Make in India’, ‘Digital India’, ‘Start-up India’ and ‘Stand up India’, which have made the world’s economic superpowers to look at India with a lot of admiration, an Indian Consulate statement quoted Mishra as saying.
During his meetings with Chinese officials, Mishra also raised India’s concern of the huge imbalance in trade figures and urged Chinese interlocutors to work with India to reduce this deficit in the interest of sustainable bilateral trade, the statement said.
Last year, the imbalance was claimed to be $46 billion in China’s favour in over $70 billion bilateral trade.
Over 120 SME units from various part of India, comprising of sectors like textile, garments, cycle parts, machine tools, paper and paper products, plastic products, solar products, LED lights, machines tools, jewellery, pharmaceutical, agricultural products and handicrafts are taking part in the fair.
Mishra along with Governor of Guangdong province Zhu Xiaodan jointly inaugurated the India pavilion.
The CISMEF, which attracts a large number of visitors from China as well as various countries, is expected to provide huge market opportunity, the statement said.
Participation of Indian MSMEs is relevant even as China emerged as India’s largest trading partner, it said, adding that the fair will also provide an opportunity for the Indian SMEs to network with Chinese as well as foreign SMEs besides by benchmarking their products and quality with the international products.
Mishra also met Guangdong Party Secretary Hu Chunhua, Guangdong Governor Zhu, Vice Minister of Ministry of Trade and IT Xin Guobin and discussed ways and means to enhance cooperation between the SMEs of two countries and strengthen bilateral relations in all spheres.