India-China trade to cross $100 billion this year

Beijing: Bilateral trade between India and China is set to cross $100 billion this year, India's Ambassador to Beijing said on Thursday as he inaugurated an Indian oleoresin extraction firm's 3rd manufacturing facility in the country to expand its business in the Chinese food market.

Kochi-based Synthite Industries 46,000 sqm facility at Wucheng county in Dezhou in Shandong province was inaugurated by Indian Ambassador to China Vikram Misri along with local Chinese government officials.

The company is said to be the world's largest producer of value-added spices and extracts. In his address, Misri said the informal summit between the Prime Minister Narendra Modi and President Xi Jinping in Wuhan last year was a milestone and has been instrumental in taking our relations to a new height. Since then the leaders had met four times on the side-lines of various summits last year.

He said the economic and commercial engagement between India and China constitutes a major component of the bilateral relations with bilateral trade, which crossed $95 billion last year, is set to cross $100 billion this year.