Macau:The global financial crisis can be turned into a great opportunity for growth in India and China if the two Asian giants join hands to collaborate in five key sectors such as gems and jewellery, says a Ficci-KPMG report.
The report, which will be presented at the Fifth Ficci-IIFA Global Business Forum meeting on Friday in Macau, highlights opportunities for collaboration for the two countries in gems and jewellery, media and entertainment, luxury brands, health and wellness and tourism.
“India, one of the world’s largest diamond-processing hubs, can prove to be a favourable retail destination for the gems and jewellery sector for Chinese companies considering the 100% Foreign Direct Investment (FDI) allowance,” the report ‘Global Financial Meltdown: Turning crisis into opportunity through enhanced cooperation between India and China´ said.
While China, the largest consumer of jade, emerald and pearl can provide new avenues for Indian firms to commence operations of cutting and polishing units, it said, adding that India’s gems and jewellery industry is expected to touch $25 billion by 2011 from $16.1 billion in 2008.
“The report comes at a time when both India and China are emerging as global economic powers and cooperation and collaboration augurs well for not only for the two countries but for the whole of Asia and the world,” said K K Modi, former Ficci President and Chairman of India-China Joint Business Council and Modi Enterprises.