Thaindian News

Kolkata, April 20 (IANS) Economic cooperation between India and China will continue to grow as both countries work towards maintaining “peace and stability”, said chinese ambassador Zhang Yan Friday, a day after India successfully tested its long-range nuclear-capable ballistic missile.

Zhang said the bilateral trade between India and China is steadily moving towards meeting the target of $100 billion by 2015.

“Both sides (India and China) are working under an agreed framework to maintain peace and stability. The leaders of the two countries have agreed to concentrate on economic co-operation and peace together,” Zhang told reporters on the sidelines of a programme organised by the Bharat Chamber of Commerce (BCC) here.

Zhang said: “China’s trade with the emerging economy is growing. And India is a part of emerging economy. So I am sure that our economic cooperation will continue and grow.”

“By 2015, we hope that our bilateral trade will be $100 billion. Our bilateral trade is steadily moving towards that objective,” he added.

India-China total trade in goods for the year 2011 stood at $73.90 billion.

He expressed confidence that this year’s bilateral trade between the two countries would be very good.

The ambassador spoke a day after India tested Agni-V missile that has the capability to strike 5,000 km away, bringing major Chinese cities including Beijing and Shanghai within its range.

Asked whether this would increase tension between the two countries, the Chinese ambassador said: “I only want to be a promoter of economic cooperation.”

He said the two major economies of Asia have to expand the scope for trade and should bring more products into the trade basket.

“We have to explore and expand the scope of our trade to bring more products from both sides, especially from Indian side. And also (we need to) go beyond the trade to extend our cooperation in the areas like tourism, financial cooperation and also investment,” he said.

The envoy said there was a good chance for growing cooperation in the areas like finance and investment.

“These are the areas we are seriously looking into… I do see great chance for growing cooperation for these areas. More Chinese companies are interested to invest in India and so as the Indian companies want to invest in China,” he said.

Zhang said both India and China should improve the environment to facilitate the conditions for investments.

The two countries could cooperate internationally to have some joint-venture and joint projects in poor countries, especially in Africa, he noted.

Stating that the amount of Chinese investment in India in the coming years would depend on the “environment”, the ambassador said for improvement in investment it was necessary for India to improve infrastructure in roads, transportation and electricity.

He said a couple of Chinese banks have shown interest to come to India.

“I see great chance and great opportunity of Chinese banks coming to India and operate. A couple of Chinese banks are planning to come… It takes time to get approval from the government,” he said.