Atul Dalakoti. (PHOTO PROVIDED TO CHINA DAILY)

As two of the engines of global growth, China and India need to strengthen their economic ties, according to an official of the Federation of Indian Chambers of Commerce and Industry.

Atul Dalakoti, the federation’s executive director, said the two countries should focus on increasing bilateral trade and work closely to grow their economies, as well as expanding the exchange of products and services.

“There’s a win-win when we trade more, when we invest in each other, when our economies are more connected to each other,” Dalakoti said at the Boao Forum for Asia Annual Conference in Hainan province.

Dalakoti said it is important for the world to pay attention to the recent spate of banking crises in Silicon Valley in the US and Europe, which seem to be escalating.

People should look at the great opportunities available to create a win-win situation, economic growth, green growth, and take a lot of people out of poverty in many nations, he said.

He noted that bilateral trade between India and China was moving towards the $200 billion figure in 2022.

“Together, we have 2.8 billion people, and we are neighbors for good,” Dalakoti said. “So, we need to work on our relationship. We need to make it better, be more economically engaged with each other, have more investments and trade more.”

At the same time, he noted that India has a demographic advantage because it has a younger population, which offers a great opportunity for the nation. 

Dalakoti said that almost one in every two Indians has one Chinese mobile phone, with brands such as Xiaomi, VIVO and OPPO being popular in India. 

“We should trade more. China should also diversify its import basket (from) India … A lot can be done. I think the sky is the limit for these two countries.”

He added that in the 17th and 18th century workers of the two countries were contributing 75 percent of the world economy, “and today we are getting back to that situation”.

Dalakoti said it is great to be back in Boao this year following the lifting of all COVID-19 restrictions after three years. 

“(The) getting together of minds and talking in a nice environment — I think that is the best thing which can happen for all of us,” the director said.