New Delhi, June 16 (IANS): Expressing concern over bilateral trade deficit between India and China, President Pranab Mukherjee invited companies from the communist nation to take advantage of India's 'Make-In-India' initiative, a statement said on Tuesday.

Addressing a Chinese Parliamentary Delegation led by Zhang Dejiang, chairman of the standing committee of National People's Congress, on Monday, Mukherjee invited Chinese companies to increase their involvement in India's manufacturing sector.

"There is no reason why Chinese companies should not take advantage of India's 'Make-In-India' initiative," the president said while addressing the visiting delegation at Rashtrapati Bhawan.

Stressing that India attached "highest priority" to its relations with China, Mukherjee said bilateral trade between the two countries for 2014 stood at $70.59 billion, an increase of 7.9 percent compared with that in last year.

"While India remains committed to exploiting the full potential of its economic cooperation, the trade deficit is a matter of concern. It is good that a high-level group has been set up to examine how the deficit can be reduced," he said.

Responding to Mukherjee, Zhang said he was deeply impressed by the consensus amongst all high-level leaders of India for greater cooperation with China.

"India and China are the largest developing countries and emerging markets. They have shown strong energy and vitality in recent times. Friendship between the two countries will not just benefit the people of the two countries but also have a potential impact on the entire region and the world," Zhang said.