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Chinese market provides significant opportunities for Indian Entertainment Industry
The Chinese market provides significant business opportunity for the Indian entertainment sector stated Mr. Ravi Shankar Prasad, Minister of State for Information & Broadcasting at the valedictory ceremony of the 15th International Engineering and Technology Fair 2003 organized by the Confederation of Indian Industry. Expansion of Indo-Chinese trade in the entertainment sector was one the key initiatives that would be taken up by his Ministry, he informed. Another key initiative to be undertaken by his Ministry would be to promote creative development and innovation in the economy as this would enhance the competitiveness of the Indian entrepreneur and aid in the strengthening of the India-brand globally.
The world economy had undergone a significant metamorphism and the scenario prevalent was conducive for the growth of business entrepreneurs, he pointed out. The key role of the government in the current scenario was to facilitate the growth of entrepreneurial spirit by putting in place the favourable policies, efficient infrastructure and an effective judicial system, according to the Minister.
Mr. An Min, Vice Minister, Ministry of Foreign Trade & Economic Co-operation (MOFTEC) People's Republic of China in his address stated that it was in the fundamental interests of China and India to continue to expand the bilateral trade and relations between the two countries. Currently the bilateral trade between the two countries was valued at US $ 5 billion, however this was far from commensurate to the potential that existed between the two countries. It was imperative that the two governments worked harder towards expanding the extent and diversity of economic relations between the two countries. The Minister also raised concerns about certain issues that were impeding greater growth of co-operation between the countries, such as the 'Mutual Protection of Investment Agreement' that had not been signed between the two countries. Mr. Min also released the brochure of the 'Made in India Show' to be held in China in October 2003.
Mr. N K Singh, Chairman, India Infrastructure Show and Member, Planning Commission, in his address stated that China had demonstrated how efficient infrastructure could provide a significant boost to overall growth in the economy. India had a lot to learn from China in this regard and it was imperative for India to develop sound and affordable infrastructure to attain 8% growth in the years to come. In the backdrop that China had attained immense experience in the manufacturing sector and India was heralded as a leading knowledge based economy, there was a strong case for mutual co-operation between the two countries, he pointed out. Partnership between the countries was essential not only for sustaining growth, but also for sustaining peace in Asia and the world, according to him.
Mr. Ashok Soota, President, CII, in his address stated that the poor state of infrastructure in the country was one of the primary reasons for the laggard growth in the manufacturing sector. The first 'India Infrastructure Show' organized as a part of the IETF had brought to light many of the issues in the infrastructure sector and had also paved the way for the development and greater growth in this sector. With greater quality of infrastructure, Mr. Soota stated that there was no doubt that the Indian economy would climb up higher on the ladder of competitiveness.
Mr. Subodh Bhargava, Chairman, CII Trade Fairs in the opening address
stated that the IETF 2003 had witnessed the signing of contracts worth US $ 15 million and had also led to 6000 business inquiries that would further lead to the generation of business of about US $ 1bllion. China was the partner country for the first time at the IETF and the variety of conferences and exhibitions at the fair had paved the way for greater co-operation between China and India.
Providing the vote of thanks, Mr. Vinayak Chatterjee, Co-Chairman, The India Infrastructure Show stated that the 16th edition of the IETF was slated to be held between the 9-12 February, 2005. |
