Thaindian News

New Delhi, Dec 15 (IANS) The world has enough room to accommodate both China and India, Chinese Premier Wen Jiabao said Wednesday, rejecting the comparison between a “dragon” and an “elephant” often made by the Western world of the two Asian economic giants.”China and India are partners for cooperation and not rivals in competition,” Wen, who arrived here on a three-day visit official Wednesday, said at a conference organised jointly by the three leading Indian industry lobbies at the ITC Maurya Hotel.

“There is enough space in the world for the development of both China and India. There are enough areas for us to cooperate,” he told the event, which was attended by Who’s Who of the corporate sector of the two sides

“We are both in process of rapid industrialisation and urbanisation accompanied by fast and sustainable economic growth,” and said it was not proper to liken China to a dragon and India to an elephant.

“I don’t agree with such a view. I don’t think business people agree either.”

The business event was organised by the Confederation of Indian Industry (CII), the Federation of Indian Chambers of Commerce and Industry (FICCI) and Associated Chambers of Commerce and Industry (Assocham).

The powerful Chinese premier also sought to address India’s concerns over ever-expanding bilateral trade deficit with China, seen at $24 billion this fiscal, and assured he was open to more imports and would try to expand the prospects for Indian exporters.

“We’ll offer more platforms for Indian products in China,” said Wen, who is accompanied by a 400-member strong business delegation. “Also, by opening markets to each other, we will be most dynamic economies and can support each other in economic development.”

He said bilateral merchandise trade between our two countries will top $60 billion this current fiscal and suggested that IT, pharmaceuticals and agro-products were areas which Indian exporters can explore for major inroads into China.

The India-China bilateral trade stood at $51 billion last fiscal, expanding from around $15 billion in 2005. But China, India’s largest trading partner, enjoyed a trade surplus of $19 billion last fiscal, up from under $1 billion in 2002.

This has become a sore point with India’s commerce ministry, particularly since it is further expected to widen to $24 billion this year. India has been hoping for China to open up its economy for more exports from here.

The Chinese premier said that his visit will see deals worth around $16 billion signed between the corporate sectors. Some 50 deals have already been signed, including a large one between the China Development Bank and Reliance Power.

Earlier, Wen said he will seek to boost mutual trust and understanding and cement trade and economic ties between the two Asian giants during his three days in India.

“My visit is aimed at promoting friendship, expanding cooperation, building on our past achievements and opening up new dimensions for mutual benefit and common development of the two countries,” he said.

“China-India relations face major opportunities and enjoy broad prospects,” the premier, who has come on an invitation from Prime Minister Manmohan Singh, said in a statement released on his arrival.

Wen also said the two countries were connected by mountains and rivers and enjoy friendship dating back more than 2,000 years. This year also marks the 60th anniversary of diplomatic relations between the two countries, he said.