Arab Today, arab today indian chinese firms sign deals worth 22bn
Last Updated : GMT 02:19:33
Arab Today, arab today
Arab Today, arab today

Witnessed by visiting PM Narendra Modi

Indian, Chinese firms sign deals worth $22bn

Arab Today, arab today

Arab Today, arab today Indian, Chinese firms sign deals worth $22bn

India's Prime Minister Narendra Modi
Shanghai - Arab Today

Indian and Chinese firms signed 21 agreements officials said were worth a total of more than $22 billion in Shanghai on Saturday, witnessed by visiting Prime Minister Narendra Modi.

"Let us work together in mutual interests," Modi told executives from 200 Chinese and Indian companies at the signing ceremony. "Now India is ready for business."

The nationalist leader was on the final day of a three-day trip to his fellow Asian giant, as the two jockey for regional influence and India's trade deficit with China balloons.

Despite his hardline reputation Modi has moved to engage with Beijing since his election last year, and he was looking for an economic boost from the visit, seeking to deliver on election promises for foreign investment.

China is India's biggest trading partner with two-way commerce totalling $71 billion in 2014. But India's trade deficit with China has soared from just $1 billion in 2001-02 to more than $38 billion last year, Indian figures show.

Indian embassy trade counsellor Namgya Khanpa said the agreements signed at the Shanghai event were "worth over $22 billion", with another five exchanged earlier.

A list circulated by Indian officials showed many of the contracts were for Chinese banks to finance Indian firms, and also included deals in the telecom, steel, solar energy and film sectors.

The two countries have followed significantly different economic paths in recent decades, with China rising to become the world's second-largest economy while India has lagged behind, although Modi's election raised hopes for reform among investors.

"I strongly believe that this century belongs to Asia," he told a business forum ahead of the signing, as he sought to stress historical links between the two countries.

He welcomed Chinese investment in sectors including housing, renewable energy, high-speed rail, metro, ports and airports, adding that India was eager to draw on China's expertise in mass manufacturing.

"We are keen to develop areas in which China is strong," he said. "We need your involvement."

- 'Complex' relations -

Earlier during Modi's visit Chinese President Xi Jinping welcomed him in Xian, the capital of his ancestral home province Shaanxi, in what his host said was an unprecedented gesture.

But relations between the world's two most populous nations are soured by a long-running border dispute that saw them fight a brief war in 1962, and on Friday Modi told Chinese Premier Li Keqiang that Beijing needs to "reconsider its approach" to their ties.

"Our relationship has been complex in recent decades," Modi said, adding there were issues that "trouble smooth development of our relations".

His comments stood out from the usual public declarations by diplomatic visitors to Beijing, who normally stick to uninterrupted pledges of friendship and good relations.

Both countries are members of the BRICS grouping of major emerging economies, but Beijing has vowed to pour investment into India's arch-rival Pakistan, as it rolls out infrastructure development plans across Asia, much of which bypass India.

Chinese contracts to build or manage Indian Ocean ports have raised concerns it is seeking to establish a "string of pearls" in the region.

Li acknowledged on Friday that "we do not deny that there are some disagreements between us", but added: "We have far more common interests than differences."
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today indian chinese firms sign deals worth 22bn Arab Today, arab today indian chinese firms sign deals worth 22bn

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today indian chinese firms sign deals worth 22bn Arab Today, arab today indian chinese firms sign deals worth 22bn

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday