Indian, Chinese companies inks pacts worth $338 million
New Delhi: Indian and Chinese companies from sectors such as cotton yarn, marine and agricultural products Monday signed 15 contracts worth USD 338 million.
The pacts may help India correct to some extent the trade deficit that ballooned to USD 39 billion in China's favour in 2012-13. India's exports to China were only USD 13.53 billion while imports stood at USD 52.24 billion last fiscal.
"In a structured process of procurement of Indian products, 15 MoUs between Indian and Chinese companies, worth value of USD 338 million were signed Monday," said a Commerce Ministry statement.
These contracts were signed during the 'India, China Business Matchmaking Symposium' here. A 50 member buyers? delegation from China is here for business meetings.
It said the products regarding which procurement MoUs were signed include zinc and copper concentrates, cotton yarn, frozen fish/linter, castor oil and guar gum, acrylic tow and Indian granite block.
Chinese firm - Chinatex Corporation inked a purchase contract worth USD 5 million with Indian Acrylics Ltd to import acrylic from India. China-based CITIC International Co signed a purchase contract worth USD 130 million with MRI Trading to buy zinc concentrates and copper concentrates.
China Textile Industrial Corporation inks a pact of USD 60 million with Cotton textiles Export Promotion Council for purchase of cotton yarn. Similarly, Chinalight Resources Imp & Exp Corp has inked a contract worth USD 35 million with Sanchita Marine Products for Indian frozen fishlinter purchase, a CII statement said.
From the Indian side, nearly 60 companies from varied sectors attended the symposium and the B2B meetings. Nearly 150 B2B interactions between enterprises were scheduled.
Earlier in the day, Asit Tripathy, Joint Secretary in Ministry of Commerce said that India?s trade deficit with China is a matter of concern and should be addressed appropriately to sustain the growth of bilateral trade on a long term basis.
He said that Indian products like engineering goods, petroleum down stream products, agri-products, pharmaceuticals and services like IT are internationally competitive and should be provided access in the Chinese domestic market.
The Chinese business delegation was led by Jia Guoyong, Vice Director General of Trade Development Bureau (TDB) China and had members from varied sectors like chemicals, plastics, steel, mines and minerals, cotton and textiles.
Guoyong said imports from India are going to be a long term policy backed by measures like reduction in tariff.