Executive Director of the Federation of Indian Chambers of Commerce and Industry Atul Dalakoti is a firm believer in globalization and the need for countries to be outward-looking.

"There's a win-win when we trade more, invest in each other and our economies are more connected to each other," Dalakoti said at the Boao Forum for Asia held between March 28 and 31 in Hainan province.

In an exclusive interview with China Daily, he said that as two engines of world economic growth, China and India need to strengthen ties.

The two countries should focus on increasing bilateral trade and work closely to grow their economies, as well as expand the exchange of products and services.

Dalakoti said it is important for the world to pay attention to the recent spate of banking crises in the United States and Europe, which seem to be escalating.

"How we are going to move forward, how we are going to increase bilateral trade and investments, and what role China is going to play in this whole thing, that's a very important question which everybody wants to learn more about," he said.

Dalakoti added that people should work hand-in-hand, governments and companies to look at the opportunities available to create a win-win situation, economic growth and green growth, and lift people out of poverty in many nations. "I think (that is) the desire of all of us," he said.

He noted that bilateral trade between India and China moved toward $200 billion in 2022.

"Together, we have 2.8 billion people and we are neighbors for good," Dalakoti said. "We need to work on our relationship. We need to make it better, be more economically engaged with each other, and invest and trade more."

At the same time, he noted that India has a demographic advantage because it has a younger population, which offers a great opportunity for the nation.

Dalakoti said that almost one in every two Indians has one Chinese mobile phone, with brands such as Xiaomi, Vivo and Oppo being the most popular. This suggests that Indians welcome Chinese products.

"We should trade more. China should also diversify its import basket to India … I think the sky is the limit for these two countries," Dalakoti said, adding that in the 17th and 18th centuries, workers of the two countries were contributing to 75 percent of the world economy.

Dalakoti said that the expectation from this year's Boao Forum is that people want clarity on the major issues facing the world today.

This means "clarity of what the way forward is, what the challenges are, what solutions are available and how they should be looked at".

Dalakoti said it is great to be back at the Boao Forum this year. He added that it is good to see friends at the forum again, to discuss challenges facing the world and how to develop the economies of the countries they represent.

"The getting-together of minds and talking in a nice environment — I think that is the best thing to happen for all of us," the director said.