New Delhi, Sep 8 (IANS) Stressing on a greater India-China partnership in technology, Science and Technology Minister Kapil Sibal Friday urged the two countries to draw on each other's strengths and drive down the cost of production.
Addressing the India China Business Summit at Beijing ahead of the World Economic Forum Summit, Sibal pointed out the bilateral trade between the two countries is on the rise touching $18.7 billion this year.
'China is destined to be India's partner. Today the world is driven by high quality and low cost products that are core areas of expertise for India and China respectively. Cooperation between the two countries will be a win-win situation for both,' said Sibal, who is accompanied by a large trade delegation under the umbrella of Confederation of Indian Industry (CII).
Commemorating the India-China Friendship Year, the CII has organised the fourth Made in India show at Beijing.
''C' in China stands for capacities and 'I' in India for innovation. The combination of the two can overtake world trade,' said Sibal, according to a statement issued here.
On the visit to review the progress of the bilateral cooperation in the field of science and technology, Sibal said, 'Multinational companies have been coming to India for the talent pool and to China for manufacturing at low costs. Though this has helped both the countries, it has not done enough for the common man.'
Coming together of both countries to develop cutting edge technologies would provide solutions to the problem of the common man, the minister said.
Deepening of friendship between the two countries would open up greater synergy felt CII president R. Seshasayee, who urged setting a bilateral trade target of $100 billion by the year 2015.
'There is a need to diversify the trade basket and the strengthening of the economic cooperation between the two countries is of extreme significance in the current global scenario, more so with respect to Asia,' said Seshasayee.
He felt the complimentary competitive advantages of both countries can be leveraged to maximize trade gains for both countries.
'The Made In India show, which is on at Beijing till Sep 11, is an invitation for everyone to come and experience India,' he said.
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