NEW DELHI: Trade ties between India and China are all set to get a shot in the arm with the issuance of ‘Express Visas´which would be issued to Indian businessmen recommended by the India-China Business Alliance (ICBA) launched today by the Assocham and the Embassy of China.
“The India-China Business Alliance is an initiative that would help remove existing artificial trade barriers in the growth of business volumes between India and China,” Ambassador of China to India Sun Yuxi said at an Assocham organised meet here.
Express Visas would be issued to businessmen intending to set up their manufacturing and export oriented units in China in close technical and non-technical cooperation with their Chinese counterparts.
According to the Ambassador, bilateral retail trade was likely to exceed over $50 billion (Rs2250 crore) from the current level of around $20 billion (Rs900 crore) in the next few years.
Telecom, electricals, electronics, agri business, iron and steel, chemicals, cotton silk and services were the key areas which offer potential for joint ventures for businessmen of both countries.