New Delhi: Union Finance Minister Nirmala Sitharaman has said she will prepare a blueprint for international companies that are looking to relocate outside China. For them, India will definitely be a preferred destination for investment, the finance minister said.
“I’d certainly be doing that — go back and design in some way whereby I will identify those multinational corporations, all American businesses or any other country European or a British origin who are moving out of China or who probably are even contemplating. I will make a blueprint with which I will approach them and put forward to them as to why India is a far more preferable destination,” Sitharaman was quoted by news agency PTI.
While this comes at a time when the United States and China are locked in a cold trade war, the finance minister clarified that the simmering trade war could just be an influence. There are a lot of companies that are looking at relocating outside china for various other reasons.
“That is why I gave that little fine line that I’m drawing about companies which would want to locate elsewhere outside of China. Even as I said that, I said that not every company wants to lock, stock and barrel get out of China, there are companies which will remain there to service the Chinese market.
“After all, China is a very big domestic market and their purchasing power, consumption style may be very different from what it is in India, but I’m making that margin already that companies will probably be there to service the Chinese market tension or no tension,” the Union minister was quoted.
The minister said it is perceived that the opportunities in Vietnam are not that much attractive. The country doesn’t have enough manpower.
(With PTI Inputs)