Ratan Tata, former chairman of Indian multinational conglomerate Tata Group, on Wednesday said Chinese and Indian markets had plenty of potential for cooperation.

At the ongoing Boao Forum for Asia Annual Conference 2014, Tata said China offers many opportunities for Indian businesses, but they failed to grasp many.

Chinese companies can also enter the Indian market and set up joint ventures there, he said.

When being asked what he would like to say during a meeting with Chinese Premier Li Keqiang on Thursday, Tata said he would talk about Sino-Indian economic cooperation.

"Our countries have a great deal we can do together. Together we have the world's largest population and the world's largest economy," Tata said. "We can create an economic superpower."

"If we can work together in a complementary, not combative manner, to enhance our economies on both sides, then there would be great opportunities for both sides. Our Indian business communities would welcome this," he said.