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China to boost India investment to US$20b
Print Edition
CHINA will try to increase its investment in Indian industrial and infrastructure projects to US$20 billion in the next five years.
The target was proclaimed in a joint statement issued by the two sides on the final day of Chinese President Xi Jinping’s state visit to the southern neighbor.
In the statement, which highlighted the two Asian giants’ commitment to building a closer development partnership, China also announced the establishment of two industrial parks in western India.
India, for its part, said it welcomes Chinese investment in its manufacturing and infrastructure projects.
They both pledged to facilitate the investment and operations of companies from both sides in their respective markets, and to work together to forge production and supply chain linkages, and help develop a broad-based and sustainable economic partnership.
Xi yesterday met Sumitra Mahajan, speaker of the Lok Sabha, the lower house of India’s parliament.
Calling Mahajan a veteran leader of the Bharatiya Janata Party (BJP), or the Indian People’s Party, Xi said that China-India relations developed comprehensively and rapidly when the BJP was India’s ruling party in the early part of the century.
China and India, as the two largest developing countries and emerging-market economies, share identical development goals, similar development philosophies and compatible strategies, Xi said.
The two complement each other and can cooperate to build closer ties, he said, while calling for more people-to-people and cultural exchanges.
For her part, Mahajan said that India and China have a long history of friendly exchanges, and that India appreciates China’s development achievements.
The BJP and Indian parliamentarians are willing to increase exchanges with China to share governance experience and contribute to the development of bilateral ties, she said.
India is the last stop of Xi’s four-nation Asian tour, which has already taken him to Tajikistan, Maldives and Sri Lanka.
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