Wen Jiabao Addresses the India-China Business Cooperation Summit

On December 15, local time, Chinese Premier Wen Jiabao attended and addressed the India-China Business Cooperation Summit in New Delhi.

Hailing the sound momentum of bilateral ties, Wen said that economic and trade cooperation between China and India has witnessed unprecedented progress in recent years. He said the cooperation has entered a most vigorous and fruitful "new period." "Our trade volume has increased by 20 times in the past ten years, and India is one of China's largest overseas engineering contract markets. Our mutual investment is in the ascendant and has brought rich benefits to both sides," Wen said.

"The rapid economic growth of both sides served as important engines for world economic growth," Wen said, stressing that China and India are cooperative partners instead of rivals. "There is enough room in the world for China and India to develop both countries and cooperate with each other," Wen said, adding China-India trade cooperation is mutually beneficial and foresees a bright future. He said the two countries enjoy broad market space, and should open markets for each other to give a strong boost to economic growth. The industries of the two countries can complement and promote each other with their respective strong points. He said that the two nations should learn from each other in their respective reform and opening-up processes. Wen said the two countries have wide-ranging common interests in the global economic and trade system, and share the same or similar positions on many major economic and trade issues. Both sides should enhance communications and coordination and safeguard their common interests.

Calling his ongoing visit to India a journey of friendship and cooperation, Wen said China is willing to cooperate with India to expand the scale and range of their economic and trade cooperation, and bring it to a higher level. He said both sides need to further tap the potential to substantially increase their trade volume, promote trade development in a balanced manner and jointly fight protectionism. The premier called for efforts by both sides to create a favorable environment for mutual investment, implement the pact for investment promotion and protection, ease the restrictions on authorization, on capital and personnel flows, and explore the possibility of setting up international economic and trade cooperation zones in each other's country to promote bilateral trade and investment. China and India should also expand cooperation in such areas as finance, tourism, energy and environmental protection, and strengthen exchanges in science and technology, education, culture and healthcare, Wen said. He added that the two countries should also promote mutual understanding and friendship between their peoples. The Chinese premier, in addition, called for more exchanges between the two countries' business circles and the establishment of more platforms for such interactions. He also suggested that the two nations' chambers of commerce and business associations serve as a bridge to help enterprises in both countries know more about and explore each other's markets.

The 21st century is the century of Asia, in which both China and India can achieve a lot, Wen said. He called on the business communities of both countries to actively participate in bilateral economic and trade cooperation to contribute to the great rejuvenation of the two ancient civilizations.

The India-China Business Cooperation Summit was co-sponsored by the Chinese Ministry of Commerce, China Council for the Promotion of International Trade, the Indian Ministry of Commerce and Industry, and Confederation of Indian Industry. About 600 people from the economic circles of both countries attended the summit.

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