India a ‘Guest of Honour Country’ at China’s second International Import Expo
India plans to make use of the expo to pitch for IT, pharmaceuticals- and agricultural export products.
India is one of the Guest of Honour Country at China’s second International Import Expo (CIIE) which opened at Shanghai today, November 5 where it plans to make a strong pitch for exports of its Pharma, IT and agricultural products among others, reported the Press Trust of India (PTI).
An Indian business delegation headed by Commerce Secretary, Anup Wadhawan, is taking part in the import expo which is aimed at enabling countries from the world over to showcase products to enhance their export to China.
In this year’s expo inaugurated by Chinese President Xi Jinping, India is among the 15 Guest Countries of Honour.
The others are Cambodia, the Czech Republic, France, Greece, Italy, Jamaica, Jordan, Kazakhstan, Malaysia, Peru, Russia, Thailand, Uzbekistan, and Zambia.
Guests and representatives from more than 170 countries and regions have been invited to attend the expo, Vice-Minister of Commerce, Wang Bingnan annonced.
More than 500,000 buyers and visitors from home and abroad are expected at the expo, he said.
The expo is composed of three parts – country exhibitions, business exhibitions and the second Hongqiao International Economic Forum.
It covered a total area of 30,000 square meters, the country exhibitions will host 64 countries and international organisations, with uniquely designed pavilions to showcase the countries’ development achievements, business environment and special industries, Mr. Bingnan said.
Along with other contries India hopes to increase exports to China recently the Chinese official media reported that China Exim bank has set up USD 42.5 billion credit line to aid imports.
State-run Xinhua news agency quoted the bank officials as saying that the bank will use the special fund to support companies to import products and services in the fields of advanced equipment, smart manufacturing and energy and resources and promote cross-border Renminbi settlement next year.
China has held its first import expo last year amid growing protests from a number of countries, including India and U.S., complaining of unmanageable trade deficits.
While India’s trade deficit last year climbed to over USD 57 billion in little over US 95 billion total trade, the U.S. trade deficit with China had mounted to USD 539 prompting President Donald Trump to launch a trade war last year demanding Beijing to open up.
The first phase of a deal to end the trade war is expected to be signed this month.
PTI further reported that ahead of the Expo, the European Union in a press release here said that China should make rapid and substantial improvements to the business environment or risk promise fatigue.
Last year China widely regarded as the factory of the world exported USD 2.48 trillion worth of goods while its imports jumped amounted to USD 2.14 trillion.
The India-China bilateral trade is expected to touch for the first time USD 100 billion this year.
From India’s point of view trade deficit with China has become a major issue.
It was discussed in the last month’s 2nd informal summit at Mamallapuram between Prime Minister Narendra Modi and President Xi where the two leaders have agreed to set up new mechanism led by Finance Minister Nirmala Sitharaman and Chinese Vice-Premier Hu Chunhua to discuss trade, investment and services.
“India plans to make use of the expo to showcase its major export items like pharmaceuticals, IT and agricultural products,” India’s Consul General in Shanghai Anil Rai was quoted by PTI on Sunday.
“The products list India wants to push included food and agricultural products, pharmaceuticals, IT and consultancy services, Gems and Jewellery, Sports equipment, e-commerce and Fintech, engineering and machinery among others,” he said.
He said that about 100 Indian companies are taking part in the expo where more than 100 stalls have been set up.
“Also India plans to hold an investment seminar on the side-lines on November 7 besides a Buyer Seller Meet,” he said.
The Federation of Indian Export Organisations (FIEO) is the lead agency for the India Country Pavilion along with Indian Chamber of Commerce (ICC) Kolkata.
Delegations from Maharashtra and Karnataka would also showcase the trade and investment opportunities from their States, he said.
