Anil K Joseph, PTI
Beijing: The government of Guangdong, China’s richest province, has told its businessmen to target India for exports as well as imports as bilateral trade zoomed to a record $1.31 billion (Rs5,414 crore) in the first quarter of this year, the state media reported today.
“Guangdong province has its sights set on the Indian market in an attempt to boost trade with the booming South Asian nation in coming months,” the state-run China Daily reported.
Guangdong province in southern China is the Communist giant’s biggest foreign trader. India plans to open a Consulate General in Guangzhou, the capital of the province, later this year.
Enterprises should make greater efforts to tap the potential of the Indian market and increase imports from the region, the paper quoted an official from Guangdong provincial bureau of foreign trade and economic cooperation as saying.
“Guangdong has planned to buy even more raw materials, minerals, agricultural products and other hard-to-find commodities from India in the remaining months of the year to support its fast growing economy,” the Guangzhou-based Yangcheng Evening News quoted the official as saying.
He urged the province’s business representatives to seize opportunities to expand their trade links with India.
Guangdong’s foreign trade volume with India reached $1.31 billion in the first quarter of the year, up 77.1% year-on-year, and it is expected to grow further, according to statistics from Guangdong Customs.
The province’s exports to India rose to $790 million during January-March, while imports from India hit $520 million in the first quarter of the year, year-on-year increases of 77.5% and 76.6% respectively.
Guangdong, which lacks natural resources and energy for its economic development, is hungry for imported raw materials, minerals and natural resources from India.
The Indian economy also provides a vast market for Guangdong’s high quality products.
The province’s machinery and electronic products have enjoyed hot sales in the Indian market since the beginning of the year.
Guangdong’s machinery and electronic product exports to India reached $630 million in the first quarter of 2007, up year-on-year 86.5% and representing 79.8% of the province’s total exports to the country.
The province also sold $18 million worth of textiles to India in the first quarter, up 68% from last year.