NEW DELHI, Dec 3: Chinese and Indian industrialists are looking to expand their fledgling two billion-dollar two-way trade through cooperation in a number of sectors including information technology, a senior Chinese businessman said on Monday.

Victor L.L. Chu, chairman of the First Eastern Investment Group, told reporters that huge new opportunities had opened up with China’s recent accession to the World Trade Organisaion.

He said an India-China Cooperation Council as well as an India-Hong Kong Cooperation Council were being set up to improve business ties between the two sides and give a fillip to trade.

We are also interested in creating an India-China fund which will help Chinese companies to invest in India and Indian companies to invest in China, said Chu, who is co-chairing the high-powered India Economic Summit.

We want to create a platform for quality companies from both sides to work together, he added.

As cooperation between the two countries develops, he said China could even redirect to India some of the foreign direct investment coming to the country as it could be mutually advantageous.

He said forging such ties leading to outsourcing could help cut costs and the two countries together could form powerful joint ventures that could conquer world markets.

Chu said the potential new trade between the two countries could run into hundreds of millions of dollars.

Besides information technology, he identified consumer goods, manufacturing and financial services as potential areas of cooperation.—AFP