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Assocham, China SME bureau sign five pacts

Indian and Chinese SMEs are expected to work closely in sectors like cosmetics, rubber, plastics and textiles while strengthening their manufacturing and technological abilities, as a part of the five pacts inked on Wednesday between Assocham and SME Bureau China. The trade deficit with China stands at $36.21 billion in 2013-14. This can be reduced to sustainable levels through more exports from India to China as well as China investing in building manufacturing capacities in India, Assocham said.

Assocham will hold a summit for Chinese companies to invest in India. Some of the major Chinese companies present were Huawei, ZTE, Haier, Sino Steel, Lenovo, Beijing Automotive Industrial Corporation, Xindia Steel and SANY, among others. According to an Assocham study, China ranks 31st among countries contributing foreign direct investment (FDI) to India. FDI inflows from China to India currently stand at $0.575 billion while those from India to China reached USD 0.898 billion.

The two sides also focused on strengthening smart manufacturing, exchange of solar energy and green house technologies along with railway infrastructure, supply stations buildings and escalators for railway metro stations. Bilateral trade between India and China reached $75.5 billion in 2011-12 with trade deficit of $40 billion.
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