Bilateral trade between India and China is expected to cross $100 billion mark this year, according to India’s ambassador to Beijing, reports Economic Times.
Inaugurating the Kochi-based Synthite Industries’ 46,000 square meter facility at Wucheng county in Dezhou in Shandong province, Indian Ambassador to China Vikram Misri said economic and commercial engagements between India and China constitute a major component of the bilateral relations. Bilateral trade crossed $95 billion last year and is set to cross the $100 billion mark this year, he said.
"Chinese companies like Xiaomi, Haier, Oppo, etc have become popular household names in India. I am also proud to inform that there are around 125 companies operating in mainland China in various sectors like information technology, manufacturing, textiles and food processing," added Misri.
Synthite Industries is said to be the world’s largest producer of value-added spices and extracts. The facility in Dezhou is supposed to cater to an ever growing demand for various products of food, beverage and healthcare segments across the globe, said Viju Jacob Managing Director of the company.
The facility is supposed to extract and process Indian chilly, black pepper, ginger, garlic and marigold in addition to Chinese sweet paprika. Spice blends, curry powders and seasonings are also being planned to introduce later.