By APD writer Rishika Chauhan
Yiwu is the world's largest small commodity wholesale market and through the years it has become India’s favorite import destination.
In October 2019, the 25th China Yiwu International Commodities Fair was held from 21 to 25. More than 20 buyers from India, Sri Lanka, Russia, and other countries were invited to attend the fair.
An Indian buyer who attended the fair spoke about the range of options exhibited at the fair. He informed there were thousands of booths.
There were more than 1600 booths at the fair showcasing many categories of products. Around 34 business firms exhibited their innovative products. Products from many areas that have not gained prominence were also displayed.
Meanwhile, China has also made attempts to reach out to Indian businesses. Secretary-General of Yiwu Committee of the Communist Party of China, Sheng Qiuping has visited Delhi and Mumbai, the two prominent business cities of India to widen and deepen links with businesses.
The purpose of these visits has not been limited to encourage imports and exports but also to invite investment in Yiwu.
According to an estimate, currently, there are 3000 small Indian traders in Yiwu and more than 300 joint initiatives between Indian and Chinese firms there.
More than 400,000 Indian businessmen visit Yiwu every year, as Indian investments in Yiwu have been integral.
Dipanjan Roy Chaudhury, a journalist further pressed in a report that Yiwu has great potential and their authorities are keen to invite Indian investment.
In 2014, $750 million worth of goods were shipped from Yiwu to India, through the years the figure has only increased as India has emerged as the most integral market for Yiwu products.
Another Indian businessman recounted the benefits of the annual business fair that is organized in Yiwu. He said that the fair not only exhibits the products but also helps in providing supportive activities.
Meanwhile, the Indian experts are glad that the Indian and Chinese trade deficit is lessening. Biswajit Dhar, an economics professor at Jawaharlal Nehru University in New Delhi explained in a report, “In the first nine months of 2018-19, India’s exports to China have grown by an impressive 34 percent.”
“As a result of the export upswing being witnessed in recent months, India’s trade deficit with China during April to December 2018 was $41.3 billion, down from nearly $47 billion in the corresponding period in the previous fiscal,” he added.
(ASIA PACIFIC DAILY)