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Beijing Bound: CII Readies Surveys To Help Indian Cos
The Confederation of Indian Industry (CII) has conducted a series of survey reports on information technology (IT), biotech and drugs and pharmaceuticals to help Indian companies understand the Chinese market better.
This release of the survey comes at a time when Prime Minister Atal Bihari Vajpayee is going on a visit to China, as also a business delegation of CEOs of member-companies of CII.
The CII IT survey lists several reasons for Indian software and IT firms to look East. Incentives for investment include significant reduction in national and local taxes, land rentals and import and export duties among others. The small and medium enterprise sectors in China accounting for 30 per cent of the total IT market hold high potential too, with consumption of IT products and applications expected to touch $12 billion in 2003 and $27 billion in 2006.
The survey also expects China to emerge as the fifth-largest pharma market in the world by 2010, with revenues of over $24 billion which is more than three times its current size.
The most promising opportunities are seen to be emerging in the areas of innovative prescription drugs and differentiated over-the-counter (OTC) products.
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