Prospectus for trade between India, Hong Kong and China

Bellevision Media Network

Hong Kong, 18 July 2011: India’s trade and investment relationship with Hong Kong and China is poised for a big leap, and India based banks with presence in these two economies should seize the opportunities for fresh business, according to Mr. M. Narendra, Chairman and Managing Director, Indian Overseas Bank.   He was addressing in the Platinum Jubilee celebrations of the Bank in Hong Kong. 
 
 
Stating that India is now moving closer to being a two trillion-dollar economy, Mr. Narendra said two way trade between India, Hong Kong and China was bound to increase significantly in the coming years. India is now Hong Kong’s fourth largest export destination and eighth import destination. The two-way trade between the two economies was close to $19 billion, and no less than 1500 Indian companies were based in Hong Kong, Mr. Narendra said.

 

 
 
Hong Kong’s role as a gateway to China had assumed greater significance in the light of bilateral trade between India and China having crossed $60 billion and well on its way to the $100 billion mark in the next few years, he said.   ’There is a great deal of convergence in the growth of India and China. That is why we were very keen to upgrade our representative office in China into a fullscale branch at the earliest’, said Mr. Narendra and added that Indian economy presented investment opportunities for $1 trillion in infrastructure and manufacturing in the next five years.

 

 
 
Unlike other banks, Mr. Narendra said, lOB was started with the expressed purpose of serving the overseas Indian traders in South East Asian countries. He added that at one time seven of the eleven overseas branches of lOB were in Hong Kong. Mr. Gaddam Dharmendra, Consul General of India in Hong Kong who was the Chief Guest on the occasion said India presented an attractive destination for trade and investment. He complimented Indian Overseas Bank as one of the oldest India based banks to have served in Hong Kong since 1955.
 
As part of the Platinum Jubilee Celebration of Indian Overseas Bank, donations were made to Indian Chamber of Commerce, Hong Kong and Hong Kong Community Chest. Mr Narendra, CMD, lOB handed over the cheque. More than two hundred leading business persons of Indian origin in Hong Kong participated in the function, which was followed by a cultural programme.
 
- From sources