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India would play a leading role in international trade: Sinha

Finance Minister Yashwant Sinha said on Thursday that India was "reinventing" itself in the new globalisation era and hoped that the country would play a leading role in international trade within a decade.

"India would play a leading role as far as trade and commerce is concerned, considering the huge potential the country has in terms of 200-300 million middle class-dominated market, a country with huge resource base and a large educated work force," Sinha said.

India was reinventing itself just as Hong Kong was in the process of reinvesting itself in the light of the new dynamics and shifts in the international trade and commerce, he told a meeting organised by Confederation of Indian Industry, Hong Kong Trade Development Council and Indian Chamber of Commerce of Hong Kong.

"Hong Kong and India relationships have taken a turn for the better with several significant and quick exchanges at the top bureaucratic levels," Sinha said hoping that the bilateral trade between the two countries would certainly expand.

Citing a FICCI (Federation of Indian Chambers of Commerce and Industry) study, he said 87 per cent of foreign investors in India found growth conditions in the country to be "attractive" as compared to other countries, 74 per cent found profitability of companies to be "average to good" while 54 per cent of investors wanted to expand Indian operations.

He asked investors to consider these facts and make India their destination.

The CII and Indian Chamber of Commerce of Hong Kong signed a Memorandum of Understanding for facilitating greater investment flows and foreign trade.

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