Indian mission in Beijing to have Economic Wing

New Delhi, May 26 (PTI) The Indian Embassy in China will
soon get an Economic Wing which is expected to enhance the
negotiating capabilities of the mission and also help in
coordination on issues related to foreign investment.

The Union Cabinet, at a meeting chaired by Prime Minister
Manmohan Singh Wednesday, approved the proposal for creation
of an Economic Wing in the Embassy of India in Beijing.
The wing will be headed by a Minister (Economic).
"The Economic Wing in Beijing is expected to
substantially support and enhance the negotiating capability
of India and strengthen the institutional capabilities of our
mission to enable enhanced cooperation with China, so that the
complementary strengths of the two economies can be exploited
for mutual benefit," an official statement said.
It will also deal with matters relating to
macro-economic coordination and the G-20, foreign investment,
multilateral and bilateral borrowing or lending and financial
sector developments in China and the Asia-Pacific region.
The wing is expected to play an effective role in
promoting India-China cooperation in large infrastructure
projects and will work towards identification of new areas of
cooperation in business and trade.
"It is also expected to work towards promotion of exports
of Indian goods in China as well as financial and technical
collaboration between Chinese and Indian firms," it said.
The move comes at a time when trade between the two
countries has touched USD 43 billion last year indicating
towards a strong commercial and economic relationship between
the two countries.
Coordination of efforts to facilitate trade and
investment flows between the two countries is expected to
create a demand for related infrastructure and other
supporting services apart from generating fresh opportunities
for cooperation in a wide spectrum of socio-economic services.
In order to turn this potential into business
opportunities for the enterprises in the two countries, it is
necessary for the governments to cooperate and coordinate
their efforts, an official said.
Close consultation and cooperation between India and
China is crucial for more effective coordination in various
multilateral fora on issues of mutual benefit and concern, the
official said. PTI SKU
MRD