Visiting Indian President Pratibha Devisingh Patil, stressing that economic cooperation is the central element of Sino-India ties, on Monday called on the business communities of both countries to work together to further expand and strengthen bilateral business ties.

Addressing the India-China Business Forum on the last day of what she described as a 'very memorable' five day visit to China, Patil hoped that India and China would achieve the two-way turnover target of 60 billion dollars in 2010.

Patil said, "From a very modest trade turnover of just U. S. dollars three billion in 2000, bilateral trade has rapidly grown to U. S. dollars 52 billion in 2008. In the process, China has emerged as India''s largest trade partner in goods. Although the global economic slowdown had some impact on our trade in 2009, I believe that the first quarter figures for 2010 are more encouraging. There is good reason to believe that we will achieve the target, we have set ourselves, of a U. S. dollars 60 billion turnover in two-way trade this year. While commendable in itself, this growth raises three issues that I hope this forum will deliberate upon."

First of all, there is considerable room for further expansion and rapid growth in our cooperation. Then India's export basket to China is not representative of India's competence in a number of areas - for example pharmaceuticals and engineering products constitute only a small portion. And finally, business, financial and other economic institutions of the two countries have still to get to know each other well and develop sufficient comfort levels.

Patil told the forum, "I am confident that there is political will and determination on both sides, to rapidly broaden the vistas of cooperation." (With Inputs from Agencies)