China and India need to establish stronger economic ties, said Chinese Premier Li Keqiang in Mumbai on Tuesday.

Premier Li delivered a speech in the China-India Business Cooperation Summit. Li said the deepened cooperation and common development of China and India, the world's two biggest developing countries, will create an incredible impetus to the world.

Chinese Premier Li Keqiang (L) talks with Indian Prime Minister Manmohan Singh after their joint press conference in New Delhi, India, May 20, 2013. [Xinhua]?

"The biggest stage for China-India cooperation is in the economy, the greatest potential is in the market, and the major players are the enterprises," Li said.

"The enterprises of both countries hold the key to expanding two-way trade and mutual investment," he stressed.

The Chinese premier noted that the current trade and investment level between the two sides is incompatible with the economic scale of both countries and their bilateral relations.

That gap indicates enormous potential and vast space for deeper cooperation, he said.

During his visit, the leaders of the two countries have broadened their strategic consensus and enhanced strategic mutual trust, Li said.

The relevant departments of the two governments will soon be busy negotiating and making plans to create a fair and just environment for businesses from both countries to exploit each other's markets and expand mutual investment, Li added.

China and India boast a deep traditional friendship, has witnessed touching stories like that of late Dr. Dwarkanath Kotnis and has gone through thick and thin together, Li said, adding that they now have more reasons to join hands to carry out closer cooperation.

Li said China and India should develop their economic and trade relations from an overall perspective, and that only the entrepreneurs with long-term and broad sight can seize the opportunities.

Deepening China-India cooperation can not only help entrepreneurs accomplish their causes, but also will create opportunities for Asian and world economic growth, he said.

The Chinese premier said India and China, having created splendid civilizations in the past, could definitely produce new and great miracles if they join hands and maintain a "future-oriented" attitude.

As part of his?first ?tour since taking office, the Chinese Premier will also visit Pakistan, Switzerland and Germany.

(Xinhua contributed to the story)