Chinese firms sign MoUs for procuring products worth $338 mn from India

Chinese companies have signed 15 MoUs with Indian companies to procure products worth $338 million over a period of time. The agreements were signed at a business-to-business matchmaking event organised by the commerce department to promote Indian exports.

The products that the Chinese companies have agreed to procure from India include mainly industrial raw materials like zinc concentrates and copper concentrates, cotton yarn, frozen fish / linter, cotton and cotton yarn, menthol, castor oil, guar gum, acrylic tow, Indian granite block and cedrus deodara seed.

The MoUs were signed at an India-China business matchmaking symposium for promoting exports from India to China held in New Delhi on Monday. The commerce department hopes to replicate this model in other cities as well.

The commerce department in co-ordination with China's ministry of commerce is facilitating the visit of an important Chinese business delegation to India to explore procurement opportunities with their Indian counterparts. CII has been designated as the local co-organiser.

The Chinese delegation, led by Jia Guoyong, vice director general of trade development bureau, included representatives from 27 national level Chinese companies, representing sectors like textile, infrastructure, minerals and metals, chemicals, plastics, light industrial products, aero technology, steel, glassware and handicrafts.

Nearly 60 Indian companies from varied sectors attended the symposium and the business-to-business meetings.

Nearly 150 business-to-business interactions between Indian and Chinese enterprises were scheduled at Monday's symposium.