The President Mrs Pratibha Patil has concluded her first state visit to China asking business leaders of the two Asian giants to develop models of cooperation that will forge a long-term partnership and realise their true trade potential. Describing her six-day visit to China as very productive, the President said the relationship between the two countries has the potential to become one of the biggest economic and business relationships of the century. <br/> <br/>Earlier, addressing the India-China Business Forum in Shanghai on the last day of her visit, Mrs Patil, said there is a need to make India's export basket fairly representative of its competence.<br/> <br/>The first Indian Head of State to visit China in a decade, she said India stands ready to do more business and welcomed investment by Chinese companies. Lauding the growth in bilateral trade from a modest 3 billion US dollars in 2000 to an impressive 52 billion dollars in 2008, the President said there is still considerable room for further expansion. <br/> <br/>She said, India's export basket to China is not representative of India's competence in a number of areas like pharmaceuticals and engineering products. <br/> <br/>Similarly, India's vaunted IT industry has a limited presence in the Chinese domestic market. She added that there is good reason to believe that both the sides will achieve the target of 60 billion US dollars turnover in two-way trade this year.<br/> <br/>During her talks with her Chinese counterpart Hu Jintao and Premier Wen Jiabao in Beijing, Mrs Patil had sought access to Indian pharmaceutical industry, IT and engineering companies. <br/> <br/>She also said for the economic potential to be truly realised, the business, financial and other economic institutions of the two countries will have to get to know each other well and develop sufficient comfort levels. In 2009, the trade imbalance between the two nations tilted heavily against India. China enjoyed trade surplus of 16 billion dollars out of the total 44 billion bilateral trade and its exports to India nearly touched 30 billion US dollars. <br/> <br/>AIR correspondent reports that during the President's visit, India secured an assurance from China that it will seriously address the unviable trade imbalance. China also opened for the first time its market for Indian agricultural produce by allowing the maiden commercial consignment of mangoes from India. Mrs Patil has left Shanghai for New Delhi on Monday morning.<br/>ax<br/>
News On AIR | May 31, 2010 1:40 PM
President concludes her first state visit to China