| looking far
New Delhi, Oct. 24: The Chinese dragon is on the prowl, sniffing at business opportunities in India.
A 53-member delegation comprising central and provincial government officials has arrived here to take a hard look at investment opportunities across all sectors in India.
“The purpose of this huge delegation is to understand the areas of synergies that the two countries can offer to each other. We will look into different investment areas and see how things can work to our mutual benefit,” said Liao Dafeng, vice-director-general, department of foreign investment administration, ministry of foreign trade and commerce, China, on the sidelines of an interactive session organised by the Confederation of Indian Industry (CII).
This is, however, a two-way street: several Indian companies are also looking at investment opportunities in China. General manager (marketing) of NIIT Technologies Nirmalya Banerjee said, “We plan to open 150 education centres in China shortly. Undoubtedly, there is scope for joint efforts in tapping each other’s software and hardware skills.”
He added, “Access to the Chinese market will then allow us to explore Japanese and Korean markets as well.”
Already companies like NIIT, Infosys, Satyam and Tata Consultancy Services (TCS) have established a toehold in China.
Dafeng said information technology and telecommunications were areas of specific interest to China. “We are ourselves trying to explore similar opportunities in India,” she said.
A living example of it is China's telecom equipment manufacturing company Huawei, which has already created a software development centre in Bangalore.
China, which has accumulated foreign investments amounting to $488.2 billion by September, gets investments from 10 major countries, including Hong Kong, the US, Japan, Taiwan, Singapore, Virgin Islands, South Korea, the UK, Germany and France.
“We follow three basic laws on foreign direct investment. These include law on equity joint venture, contractual joint venture and wholly foreign-owned enterprises,” said Dafeng.
Inviting investments, Umesh Kumar, joint secretary in the department of industrial policy and promotion, ministry of commerce and industry, said India's liberal and transparent foreign investment regime, strong macro-economic performance, an ability to provide high rate of returns on investments and a vibrant capital market would encourage China to look at India as an investment destination.