NEW DELHI: As President Pratibha Patil left for China on Wednesday, the Cabinet cleared a proposal to create an economic wing in the Indian embassy in Beijing.
According to the government, this wing will deal with matters relating to macro-economic coordination and the G-20, foreign investment, multilateral and bilateral borrowing/lending and financial sector developments in China and the Asia Pacific region.
\"It is expected to play an effective role in promoting India-China cooperation in large infrastructure projects, and will work towards identification of new areas of cooperation in business and trade. It is also expected to work towards promotion of exports of Indian goods in China as well as financial and technical collaboration between Chinese and Indian firms,\" a statement issued by the government said, adding that the wing will be headed by a minister (economic).
According to the government, coordination of efforts to facilitate trade and investment flows between the two countries will create a demand for related infrastructure and other supporting services apart from generating fresh opportunities for cooperation in a wide spectrum of socio-economic services.
\"In order to turn this potential into business opportunities for the enterprises in the two countries, it is necessary for the governments to cooperate and coordinate their efforts. Close consultation and cooperation between India and China is crucial for more effective coordination in various multilateral fora on issues of mutual benefit and concern,\" the statement said.
News From: http://www.7StarNews.com
Wednesday, May 26, 2010
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