Holding that India and China will be the future epicentres of global economic activities, Indian HRD Minister Kapil Sibal on Wednesday said both countries have the potential to "lead the world" if they work towards enhanced technological and financial cooperation.
He felt both the neighbours could well "replace the G7 with E7" in the next 30 years when their contribution to the global GDP would stand at 51 per cent.
"The epicentre of the global economic activity will be India and China. Therefore, it is important for us to understand that when the two great economies collaborate with each other, we shall lead the world, and we know we shall," he said while addressing a business meet here jointly organised by the two countries.
Noting that there have been enormous collaborations at the political level between the two countries, he said India was trying to resolve all issues with China in a "collaborative and constructive manner".
"We are trying to resolve all our issues with China...There are issues because when our nations move forward issues will be there, but we need to resolve those issues in a collaborative and constructive manner.
"In the ultimate analysis it is that collaboration which will bring people together and which will bring economies together," he said.
He said technological collaborations between the two countries will not create low cost high quality technological solutions but can be made available to the common man.
"What is happening today is that we are buying technology. In next 40 years we will be able to sell the technology to the rest of the world," he said.
Sibal said solution to combat global warming could also emerge in countries like India and China through development of low cost high quality technology and providing them to other countries.
He called for collaboration between the two countries in the field of education and suggested that both countries seize the opportunity before them.