China and India urged to forge closer economic bonds
Tata Group's former chairman says the two countries' governments need tighter economic ties in order to build a superpower bloc
Government-level talks between China and India are needed in building a complementary economic relationship to unlock the Asian giants' full potential to create an economic superpower bloc, says an Indian business leader.
"We both have large population, we both have tremendous economic disparities, which also give us great market potential," Ratan Tata, former chairman of India's salt-to-steel conglomerate Tata Group, told the South China Morning Post on the sidelines of the Boao Forum for Asia.
But achieving business synergy would depend on how well the Chinese and Indian governments manage the relationship, said Tata, who was recently appointed to the board of the forum.
Former Vice-Premier Zeng Peiyan, former Japanese prime minister Yasuo Fukuda, former Singapore prime minister Goh Chok Tong and former US secretary of the treasury Henry Paulson are among the other members of the 15-member board.
"We [China and India] can create an economic superpower," Tata said. "China has developed technology that India could use, while Chinese investment in industries such as infrastructure and telecommunications would help create jobs and boost India's economic growth. This requires the endorsement of both governments.
"But there is no great desire for the two governments to work together. For example, there is no trade agreement to intensify bilateral traffic."