China and India sign $22 billion business deal

China and India sign business deals worth more than $22bn

China and India sign business deals worth more than $22bn

China and India signed deals worth more than $22bn in areas including renewable energy, ports, financing and industrial parks, an Indian embassy official said on Saturday.

Namgya C Khampa, of the Indian embassy in Beijing, made the remarks at the end of a three-day visit by the Indian prime minister, Narendra Modi, during which he sought to boost economic ties and quell anxiety over a border dispute between the neighbours.

Khampa said: “The agreements have a bilateral commercial engagement in sectors like renewable energy, industrial parks, power, steel, logistics finance and media and entertainment.”

China is interested in more opportunities in India’s $2tn economy.

During a visit to India in 2014 by China’s president, Xi Jinping, China announced $20bn in investments over five years, including the establishment of two industrial parks.

Since then, progress has been slow, in part because of the difficulties Modi has had in getting political approval for easier land acquisition laws.

 

Source:  theguardian.com