MUMBAI: Bilateral trade between Asian giants India and China will touch $65 bn for the year ending December 2016, a Chinese diplomat said here on Tuesday.

“The bilateral trade between the two nations stood at $52.14 bn from January-September 2016 and is expected to cross $65bn by the year-end, according to official figures,” said Wang Shicai, Commercial Counsellor at the Chinese Consulate here.

Speaking at the inauguration of the three-day long 4th China Homelife Fair and China Machinex Fair 2016 twin exhibitions, organised in partnership with Confederation of Indian Industry at NSE Grounds, Goregaon, Wang said that mutual cooperation between the two countries has resulted in a win-win situation for both and would help increase profitability in the coming years.

He said the key sectors China focused in India during the year were financial, infrastructure, electronics and IT, besides many others.

Co-chairman of CII Task Force on Ease of Doing Business and CMD Chemtrols Industries Ltd K. Nandakumar said India is at the same position where China was 10 years ago and hence there is a huge potential here considering its present demographics.

“Indian exports are expected to reach $30 bn in next ten years and we have welcomed Chinese companies participation across sectors. Due to urbanisation, the electronics sector could take over the oil sector in the next five years,” he said.

Meorient International Exhibition Co Ltd Chairman Pan Jianjun said the ongoing trade show has attracted visitors not only from India but also neighbouring Asian countries.

“The two exhibitions witnessed remarkable success in the past three editions with over 15,000 business visitors last year, this year it will cross over 20,000,” he said.

Present at the inauguration was Ministry of Commerce officer Ajay Shankar, Wenzhou Commercial Bureau director Chen Xiang Dong, Mumbai Mayor Snehal Ambekar and other dignitaries.

As many as 523 companies are taking part in the China Machinex and 136 are displaying products in the China HomeLife expo ranging from appliances to furniture, textiles-garments, kitchen and bathroom, garden and leisure, lightings and gifting.