According to the "India Times" news on December 17, India once again announced that it will promote the export of auto parts to the Chinese auto market, in order to attract China to invest in India's rapid development of the auto industry and reverse the trade deficit.
It is reported that the Indian side will form a 23-member delegation representing the Association of Indian Auto Parts Manufacturers (ACMA) to carry out its technology exhibition to showcase the quality and quality of its industry-leading companies, major products and services to the Chinese market.
ACMA stressed that the trade deficit generated by India in the Chinese auto industry last year increased significantly to 2.8 billion US dollars (about 174 billion yuan). India’s exports are limited to hundreds of millions of dollars.
Indian ambassador to China Ashok K Kantha also told the India-China Auto Parts Seminar that the total trade deficit between India and China reached US$66.44 billion and called for more Chinese auto industry to invest in the Indian market. However, he pointed out that such a deficit will not continue, and China has decided to establish two industrial parks in India and invest 20 billion US dollars (about 124.252 billion yuan).
While calling for more opportunities to export to the Chinese market, many former and current ACMA officials are concerned that China's cheap products will flood the Indian retail market. To this end, ACMA launched a seminar on consumer purchase behavior, market characteristics, etc. at the Indian Embassy to analyze the competition in China's auto parts market.
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