Chinese Companies Sign MoUs for Procuring 338 Million USD Products from Indian Companies

Commerce Department Organize B2B Matchmaking Companies to Promote Indian Exports

In a structured process of procurement of Indian products15 MoUs between Indian and Chinese companies, worth value of 338 million USD were signed today. The products regarding which procurement MoUs were signed include zinc concentrates & copper concentrates, cotton yarn, frozen fish/ linter, cotton & cotton yarn, menthol, castor oil & guar gum, acrylic tow, Indian granite block and cedrus deodara seed. It happened at India-China Business Matchmaking Symposium for promoting exports from India to China held today in New Delhi. This model can be replicated in other cities.

Department of Commerce of India in co-ordination with Ministry of Commerce, People’s Republic of China is facilitating visit of an important Chinese business delegation to India to explore procurement opportunities with their Indian Counterparts companies.CII has been designated as the local co-organiser. The delegation is led by Mr. Jia Guoyong, Vice Director General of Trade Development Bureau, MOFCOM with representatives from 27 national level Chinese companies. The sectoral composition of the delegation included companies from following sectors;

1. Textile

2. Infrastructure

3. Minerals & Metals

4. Chemicals

5. Plastics

6. Light Industrial Products

7. Aero technology

8. Steel

9. Glassware

10. Arts & Crafts.

From Indian side, nearly 60 companies from varied sectors attended the Symposium and the B2B meetings. Nearly 150 B2B interactions between Indian and Chinese enterprises were scheduled at today’s Symposium.

They participated in the The day long programme began with the inaugural address by Shri Asit Tripathy, Joint Secretary in charge of China in the Department of Commerce. The session was also addressed by Mr Deep Kapuria, Chairman, CII National Committee on MSME, Mr Wang Hejun Economic & Commercial Counsellor, Embassy of People’s Republic of China and Mr Jia Guoyong Vice DG, Trade Development Bureau, China.

The inaugural session was followed by B2B meetings between Chinese and Indian companies.

Procurement cooperation enables cross border MoUs and institutional facilitation for sourcing between Indian and Chinese companies. A government facilitated procurement MoU mechanism brought Indian and Chinese companies together at a bilateral matchmaking symposium where sectoral buyers and suppliers conducted scheduled B2B meetings to reach memoranda of understanding for procurement across minerals, textiles, agro products and industrial inputs; the initiative relied on intergovernmental coordination, a designated local co organiser, and a delegation led, replicable matchmaking format to promote exports.