For years, the rapid growth of China and India has been based on business with the developed world, and has often meant taking business away from Western industries. Now, companies in the two largest emerging economies in the world are beginning to hunt intensively for business in each other’s markets.
In recent months, a giant company in one country has announced ambitious expansion plans in the other. India-China trade had already been growing at a phenomenal rate, reaching $13.6 billion last year – a sevenfold increase from 1998. Companies have said their new investments are critical strategic moves aimed at profiting from the other country’s rapid rise.
See also “China Vs. India: A student’s view point” from the Economic Times.
