India launches third IT Corridor in China | Daily Current Affairs 2021

India launches third IT Corridor in China

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Aiming to facilitate partnerships between Indian and Chinese Companies, India has launched its third IT corridor in China.

The National Association of Software and Services Companies (NASSCOM) entered into a partnership with China’s Xuzhou city from Jiangsu Province in China to help develop the IT corridor.

The IT industry body has already launched such corridors at Dalian and Guiyang cities to cash in on the burgeoning Chinese IT industry market. Through its previous similar initiatives in China, NASSCOM has brought to the fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million).

The previous IT corridors in Dalian and Guiyang have already sprung up opportunities to the tune of 24 Million RMB (USD 4.6 million) and 62 Million RMB (USD 8.9 million) respectively, it said.

The first two corridors have paved the way for cooperation in co-create mode in the emerging technologies such as AI, IoT and Analytics in the Chinese market. In line with this collaboration, few local companies from Jiangsu province have pledged their support by signing as early adopters of this match-making platform. The primary aim of this IT corridor will be to facilitate partnerships between Indian and Chinese companies.

Xuzhou, as the centre of the Huai Hai economic zone, is an important comprehensive national transportation hub and its proximity from major industrial and economic hub like Shanghai, Beijing, Hangzhou, Nanjing and Suzhou.

Through this partnership, the platform will be launched that will facilitate match-making between Indian companies wanting to collaborate with companies in Huai Hai economic zone looking to adopt digital transformation from verticals such as manufacturing, retail, automotive, healthcare and utilities and help them create innovative product and solutions in the co-create mode.

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