ndia signed 12 cooperation agreements: the world's factory and office combination

After the farewell Gujarat, India, Chinese President Xi Jinping to New Delhi, to continue a three-day trip to India.

September 18, Indian Prime Minister Modi invited Chinese investors to invest in India's infrastructure and manufacturing in his speech. He also disclosed that India and China have established in India two-China industrial park agreement, China will invest $ 20 billion to India over the next five years.

"This opens a new chapter for our economic relations." Modi said. He also revealed that the two countries agreed to take concrete measures to strengthen cooperation to upgrade the Indian Railways.

In order to welcome Xi Jinping's visit to India, Modi in the Indian newspaper published an article, proposed the two countries should be based on the spirit of "from inches to miles" push forward the development of India-China relations. India and China, the two countries were the first two letters of the English spelling together, that is the word "in." (Inch); miles (Miles) it means "excellent collaboration millennium" (Millennium of Exceptional Synergy).

Modi made ​​India and China are "two bodies, a spirit," the phrase widely circulated in India. He said India and China share the same vision of development, can enhance cooperation.

Xi Jinping also in the Indian media, "The Hindu" and "Awakening Daily" published simultaneously entitled "to create prosperity in the revitalization of the Asian Century" signed article.

Modi said the President Xi Jinping's visit to India is a historic opportunity for Sino-Indian relations. "We can begin a new era of bilateral relations." He said.

India signed 12 cooperation agreements

September 18, Thursday, and India signed 12 cooperation documents, covering the Sino-Indian trade and economic development plan for five years, cooperation in railway cooperation, peaceful use of outer space, drug management, and cultural and other fields. Following the previous day in Guangzhou City and the largest city in Gujarat, Ahmedabad became friendly sister cities, Shanghai and Mumbai also signed on the 18th became the sister city agreement.

China will help India upgrade aging rail system, and invest in the construction of two industrial parks in Gujarat and Maharashtra. China also promised to open more Indian products will be market access. India's hopes in order to open more markets for the Indian IT services and pharmaceutical industries.

Amitava Ghosh, vice president of India, Mahindra Technology (Tech Mahindra) recently accepted an interview with 21st Century Business Herald said that India has good services and technology, China has expertise in the manufacturing sector, the two sides can cooperate well.

In the past 14 years, China's direct investment in India is about $ 400 million, far behind Modi had just visited Japan earlier investment in India.

Modi government came to power after India's infrastructure improvements as a priority, it also provides new opportunities for Chinese investors. India is promoting "Diamond quadrilateral" high-speed rail plan, hoping to Mumbai, Delhi, Kolkata and Cochin four cities connected.

Xi Jinping Indian newspaper published a signed article mentions China in infrastructure construction, the manufacturing sector experienced in these areas is willing to play a role in the development of India. Indian IT, pharmaceutical and other industries developed, welcome Indian companies to China to open up markets, to seek business opportunities.

Xi Jinping said that the "world factory" and "world office" in combination, will form the most competitive production base, the most attractive consumer market.

Improve the trade imbalance

According to 21st Century Business Herald reporter, Xi Jinping arrived in India visit in the day, in New Delhi, India Chamber of Commerce on China and India signed an enterprise value of $ 3.43 billion of 24 memoranda of understanding involving aircraft leasing, telecommunications, chemical, wind energy, pharmaceutical and other fields.

Among them, the Indian budget airline IndiGo and Commercial Bank of China (3.54, -0.02, -0.56%) worth $ 2.6 billion signed a memorandum of understanding. ICBC will provide financing that Indian companies for leasing more than 30 aircraft.

India's second largest telecom operator Reliance Communications, respectively, with ZTE and Huawei signed a $ 150 million memorandum of understanding for the purchase of equipment and the expansion of Reliance 2G and 3G networks.

In addition, China will also participate in the upgrade 640 km railway between Bangalore and Mysore. In the financial sector, Bank of China (2.71, -0.01, -0.37%) plans to open a branch in Mumbai. According to Indian media reports, China Exim Bank also plans to offer $ 1 billion credit line for India.

China is India's largest trading partner, India is also China's largest trading partner in South Asia. 2013, the Sino-Indian bilateral trade volume over 65 billion U.S. dollars.

India hopes to improve the trade deficit problem. India data show that India's exports to China last year to $ 14.5 billion, imports amounted to $ 513.7, more than 36 billion U.S. dollars trade deficit with China. Modi revealed in his speech, he referred to the trade imbalance problem in talks with Xi Jinping, the hope in order to open their markets to more Indian companies. Early September, the Indian Minister of Commerce and Industry Hita Raman-India trade while attending a joint panel meeting expressed the hope that China will continue to take active measures to expand from the Indian imports, especially imports of India Advantage products.