China-India business forum: $22bn deals inked in Shanghai

Indian Prime Minister Modi attends the China-India business forum in Shanghai, China on May 16, 2015 [Image: MEA, India]

21 agreements were signed between Indian and Chinese firms worth $22 billion at the India-China Business Forum in Shanghai on Saturday.

These include deals in renewable energy, ports, financing and industrial parks, Indian embassy official Namgya C. Khampa said in Beijing on Saturday.

Addressing CEOs at the India-China Business Forum in Shanghai, Modi said both India and China have potentials of growth and problems of poverty “which we can tackle together. I am personally committed to take the cooperative process forward”.

Among the deals signed on Saturday between Chinese and Indian firms were contracts for Chinese banks to finance Indian firms.

India’s Adani Power signed a memorandum of understanding with China Development Bank for financing. India-based steel producer Jindal Steel Power Ltd. also inked a similar agreement with the Industrial and Commercial Bank of China Ltd (ICBC).

Indian telecom operator Bharti Airtel Ltd inked two agreements worth $2.5 billion with China’s ICBC Bank.

“You are the factory of the world. We are the back office of the world. Together we can bring about progress and prosperity for both our peoples,” Modi told the business gathering on Saturday.

Highlighting the significance of a sound relationship between two of Asia’s major economies, he said: “Harmonious partnership between India and China is essential for economic development and political stability of the continent.” He further said: “This industrial partnership of China and India can bring about greater investment, employment and satisfaction of our people.”

This was the final day of a three-day trip to China. Modi will also visit Mongolia and South Korea in the next few days.

 

TBP and Agencies