Financial Daily from THE HINDU group of publications
Friday, Sep 24, 2004
Industry & Economy
Chinese province keen on strengthening trade ties
Members of the Fujian economic and trade delegation headed by Mr Ye Shuangyu (third from right), Vice-Governor, Fujian Provincial People's Government, in discussion with Mr O.P. Goenka, President of FAPCCI, and Mr B. Sankar, Chairman, Foreign Trade Committee, FAPCCI, in Hyderabad on Thursday. - A. Roy Chowdhury
Hyderabad , Sept. 23
FUJIAN Province in China has called for expansion of channel of communication between the province and Andhra Pradesh to improve bilateral trade.
Addressing members of Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) here on Thursday, Mr Ye Shuangyu, Vice-Governor of the province, said better communication would result better trade relations between the two sides.
Stating that trade volumes between his province and India were very low at $500 million, he asked entrepreneurs from the State to understand things better. "Though the volumes are not big, the growth rate has been very high," he said.
The province focussed on information technology, digital home appliances, oil refining and automobiles. "You have good strengths in IT and biotechnology. Your experience could be of help," he said.
Pointing out that the province had good infrastructure in the fields of power and telecommunications, he said a 1,000-km expressway would be ready by the year-end. "Our province with a coastline of 3,340 km and strengths in infrastructure offer ideal environment for trade," he said.
Mr Shuangyu, who led a high-level delegation, said the province expected to see a total trade volume of $40 billion, with an export component of $20 billion.
Mr O.P. Goenka, President of FAPCCI, said the chambers would send a delegation to the Chinese province to explore business opportunities.
He said bilateral trade volumes were growing at a very high rate; the total volumes touched $6.64 billion in the first six months of this year as against a total of $4.9 billion in 2002. The target for the current year was put at $10 billion.
He said Andhra Pradesh offered opportunities in the fields of bulk drugs, pharmaceuticals, textiles, garments, software and agro-based products.
Mr B. Shankar, Chairman of Foreign Trade Committee of FAPCCI, said the Fujian province was strong both in traditional and newer technology based industries.
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