Ladies and gentlemen,

It is a great pleasure for me to come to Bangalore, a Garden City, a vigorous industrial hub and the "silicon valley" of India. I recall that Chinese Premier Wen Jiabao paid a successful visit to this city in 2005. Many Chinese delegations came here every year to learn your experience in information technology industry. Bangalore has become a new bond of hi-tech and economic cooperation between China and India.

Today I would like to take this opportunity to brief you on the recent visit to China by Indian Prime Minister, Dr. Manmohan Singh. I participated in all meetings and events and was deeply touched by the sincerity and commitment of two countries' leaders to further promote our relations, which have gone well beyond the bilateral context and increasingly acquired global dimension in importance.

During his stay in Beijing, Prime Minister Singh met with President Hu Jintao, Premier Wen Jiabao and Mr. Wu Bangguo, Chairman of the Standing Committee of the National People's Congress, the top legislator of China. He attended the China-India Economic, Trade and Investment Summit and delivered a speech in China Academy for Social Studies. Prime Minister Singh was warmly received with exceptional protocol arrangements. Premier Wen hosted a private dinner for him, and they had very intimate and in-depth talks. Vice Premier Hui Liangyu attended China-India Economic, Trade and Investment Summit and delivered a speech.

This visit was successful and fruitful. Broad consensus has been reached between both sides in various fields including politics, economy, culture, science and technology, education, defence, as well as international and regional issues.

The highlight of the visit was the signing of A Shared Vision for the 21st Century of China and India by the two premiers. This is another significant joint document for the development for our two countries to advance our friendly cooperative relations in the 21st century.

In the document, both sides pledged to promote the building of a harmonious world of durable peace and common prosperity through developing China-India Strategic and Cooperative Partnership for Peace and Prosperity.

Both sides agreed to work for comprehensive, balanced and sustainable economic and social development of the two countries.

The two sides will continuously promote confidence building measures through steadily enhanced contacts, exchanges and communication, and increase mutual trust based on equality.

The two sides remain firmly committed to resolving outstanding differences, including on the boundary issue, through peaceful negotiations, while ensuring that such differences are not allowed to affect the positive development of bilateral relations.

Both sides share the view that China and India are partners of development and the common development of two countries will have a positive impact on the future of the international system.

I am of the view that the visit is another milestone for the China-India relationship. It provides a historical opportunity for the betterment of our two countries and the world as a whole.

Ladies and Gentlemen,

It's quite a challenge to implement the consensus and agreements reached by leaders of our two countries. In this regard, the business communities of both countries can play a very important role. Prime Minister Singh said at the China-India Economic, Trade and Investment Summit that businessmen of India and China are the symbols of the growth stories of both countries. I fully agree with him.

According to last year's trade figure, China emerges as one of India's leading trading partners. India has become China's 10th biggest trading partner. The annual growth rate of bilateral trade volume between the two in the years 2005 and 2006 went well beyond 30%. The trade volume for 2007 was over US$38 billion, which encouraged both sides to raise the target for 2010 to US$60 billion, from US$40 billion.

The trade target set by our leaders for 2008 and 2010 were fulfilled ahead of schedule. The new target for 2010 is likely to be achieved easily. As Prime Minister Singh said in Beijing that the Governments of our two countries have underestimated the potentials of business sectors of both sides. Furthermore, the current volumes of trade do not correspond with the size of our populations and the strength of our economies. There still exist great potentials for expanding our economic cooperation. We should redouble our efforts to maintain and enhance the momentum of bilateral trade, while ensuring a mutual beneficial and win-win result.

Last year the Commerce and Trade Ministry of China held South Asia Commodity Fair in Beijing, which provides a platform to tap the market potentials for products from India and other South Asian countries.

During his visit, Dr. Singh identified different sectors where China and India business cooperation can grow. He welcomed Chinese investments to India to promote investment as another foundation for our economic cooperation.

Both China and India also agreed to begin discussions on a mutually beneficial and high quality Regional Trading Arrangement.

Businessmen of both sides are expected to strengthen communication and exchanges, to develop new ways and explore new areas of cooperation, and extend their cooperation into other countries.

With these efforts and more, I believe our trade and economic relations will maintain healthy and balanced growth.

Further more, it is not enough for the two countries to set eyes on each other. As the two emerging economies with highest growth rates, I strongly believe that through our joint efforts, China and India can make contributions to the development of global economy and the long-term prosperity of Asia. With 30 years' practice of opening up and reform policy, China has accumulated useful experience in economic development. India enjoys a sustainable growth over the years and has cutting edges in IT-bio technology and finance. China and India can learn from each other and make their contribution to the global economic development.

Ladies and Gentlemen,

2008 will see the great event of Beijing Olympic Games. India, along with other 22 countries, will host the Olympic Torch Relay. It is a good opportunity for both sides to cooperate with each other and promote the Olympic spirit.

Yesterday I inaugurated a Photo Exhibition about Beijing Olympic Games, co-sponsored by Chinese Embassy and India-China Friendship Association, which has drawn attention of many people of this city. You are welcome to visit the exhibition. I believe the Olympic Games not only promotes sports and friendship, it will also generate enormous opportunities for doing business.

February 7th is the Chinese Lunar New Year. I would like to wish all of you a happy and prosperous New Year, and I hope in the New Year, the city of Bangalore maintain its rapid pace of development, and the economic and trade relations between China and India may grow as fast as the booming IT industry of this city.

Thank you!