The visiting Chinese Premier, Mr Wen Jiabao, on Monday asked
India to join hands and make further endeavours to implement a long-term
plan for trade and economic co-operation.
Addressing the India-China Business Cooperation Conference here, Mr Wen also
underscored the need for both countries to remove trade barriers and create an
environment that would be conducive for expansion of trade.
The conference was jointly organised by the Confederation of Indian Industry
and the Federation of Indian Chambers of Commerce and Industry.
Stating that both countries should continue to expand and promote trade in
steel, electronics, organic chemicals and machinery equipment, Mr Wen said there
was lot of potential for increased co-operation in hi-tech areas (space, biotech
and nanotechnology).
Mr Wen invited Indian industry to make investments in China. He also held
that Chinese enterprises have a competitive edge in areas such as road
construction, ports and other infrastructure related industries and such
companies could assist India in improving its infrastructure.
On bilateral trade, Mr Wen said the existing bilateral trade level of $13.6
billion account for 1 per cent of 5 per cent of India-China's total trade.
"The current bilateral trade level is too insignificant," he said.
Meanwhile, the Commerce and Industry Minister, Mr Kamal Nath, indicated in
his address at the conference that China was poised to become India's largest
trading partner in two or three years if the rapid growth in bilateral trade
seen lately is maintained.
Rupee
bounces back: The rupee bounced back smartly against the U.S. currency due
to bunched up weekend dollar supplies amidst renewed dollar weakness overseas.
ONGC in talks to buy Pogo's Thailand assets:
India is encouraging its oil companies to acquire oil and gas fields abroad as its domestic
consumption is rising.
Who
will take over the Jindal group mantle?: The succession of the late steel
baron O.P. Jindal, who was the group chairman, will come up as his four sons go
back to their working desks and respective companies from Tuesday.
Selling
pressure makes it hard for software stocks: Selling pressures engulfed the
market for the second successive trading session, as the Sensex closed below
6400 points during the day.
Ratan
Tata to assume new role: Targeting leadership position in every sphere of
telecom services, Ratan Tata today stepped down as Chairman of Videsh Sanchar
Nigam to take direct charge of the Tata group's telecom business.
DD to air programmes through internet:
Prasar Bharati is all set to strike a deal with Semi Conductors Limited (SCL), which has developed a technology for sending broadcasting signals to TV through the internet.
Conflict
of brokers' trading interests causes alarm: The increasing number of
instances of conflict of interest between stockbrokers' own investments and
their clients' accounts has reached alarming proportions now.
Industrial growth falls to 4.9 pc:
Negative growth in mining and electricity pulled down the industrial growth to 4.9 per cent in February this year, nearly half of 8.3 per cent growth recorded in the same month previous year.
Jet
to hike domestic air fares by 12 pc: JET Airways India Ltd has announced
that it will hike its domestic air fares by 12 per cent from April 15 on account
of the 18-per cent price increase in aviation turbine fuel (ATF) over
March.
