Indian companies have generally failed to take advantages of the technologies and opportunities offered by the China market, Ratan Tata, Chairman Emeritus of the Tata Group, said.

In an address to a high-powered gathering of Chinese politicians and business leaders, Tata said he believed there was “great potential” for Chinese companies to invest in infrastructure in India but projects “have not happened”.

The former Tata Sons chairman was invited to speak at an annual event known as “China’s Davos” in Boao, in the southern island province of Hainan. The Chinese government-backed Boao Forum has become Beijing’s most high-profile annual gathering, bringing together Chinese and international political and business elite.

Tata was, this week, honoured by becoming the only Indian to be inducted into the forum’s 15-member board. In conversation with noted Chinese economist Zhang Weiying, Tata gave a frank assessment of India-China business cooperation. “The potential of Indian companies in China to avail themselves of technologies and opportunities is quite high, and is not yet being taken advantage of,” he said, according to a transcript made available by the forum.

He identified automobile company Chery and telecom giants Huawei and ZTE as three Chinese companies he was most impressed by.