Business Leaders Scale Great Wall For Better Ties
This proposal was mooted at a meeting of business leaders in Beijing on Monday. The issue of intellectual property (IP) protection for Indian companies investing in China also came up at this meet. Earlier in the day, the Indian business delegation also visited the China Centre for Information Industry Development (CCIID) to explore partnership possibilities in information technology (IT).
Confederation of Indian Industry (CII) vice president Sunil Kant Munjal, who is in Beijing as a part of the delegation, told FE, "The purpose of setting up of this forum is two-fold. We want to build a platform for businesses from both countries to be able to share knowledge and experiences. The other is to facilitate partnerships and trade."
"It will be a non-governmental forum. But it is important we have a permanent institution of this kind," he added.
"We also brought up the issue of IP protection for Indian companies. Government functionaries present at the meeting said that the authorities are very conscious of this issue, and are taking steps to address the same," said Mr Munjal.
He also said, "During the visit to CCIID, it was acknowledged by both sides that while China was ahead on the hardware side of business, our strengths lie in software. They expressed a desire to learn from India. What we are now working towards are steps to work together in IT."
Meanwhile, Federation of Indian Chambers of Commerce & Industry (Ficci) on Monday signed two memoranda of understanding (MoUs) with Chinese industrial bodies to resolve issues pertaining to misinterpretation of business contracts signed in Chinese and to publish an Indo-China trade directory.
"An MoU has been signed between Ficci and the Chinese Academy of International Trade & Economic Cooperation (CAITEC) to facilitate trade relations between Indian and Chinese businessmen. According to the MoU, a mechanism will be evolved to avoid confusion pertaining to business contracts signed between Indian and Chinese partners," a Ficci spokesperson told FE from Beijing.
Some Indian companies were apprehensive of vagueness in contracts and agreements signed in China. "Because there are some difficulties in translating original agreements from Chinese to English, such problems had come up in the past. Through this MoU the two partners will work together to find an effective mechanism to resolve this issue," he said. CAITEC is a research and advisory arm of the ministry of foreign trade & economic cooperation.
Ficci has signed the second MoU with service centre of Haidiam district for foreign investment. "The MoU is to promote trade and investment between the two countries, specially in the IT sector. Besides, the two partners have agreed to make a comprehensive, sector-wise bi-lingual trade directory in English and Chinese," he said.
"We touched base with Chinese industry today, and established links with people in information technology, manufacturing, e-commerce, publishing and real estate. It’s been a day of seminars and meetings with business counterparts in China," said Associated Chambers of Commerce and Industry of India (Assocham) secretary general Jayant Bhuyan.
CII’s Mr Munjal described the mood during the meetings in Beijing as good, adding, "We all feel that a good beginning has been made, and we are now moving together with common interests. Both sides feel that intent has been expressed, and it is time to get on with doing more. Fortunately, what is also not there is any feeling of mutual suspicion."
Business delegations from CII, Ficci and Assocham are currently in China. Asked about what CII wants to come back with from this trip, Mr Munjal said, "While this trip is not about deal signing, we want to dispel any fears that we are only competitors. There is a lot of potential in being partners. We are also hoping to attract a lot of participation from Chinese companies for the CII trade show in Beijing in October this year following our meetings here."
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