China pledged to spend $20 billion
China on Thursday pledged to invest $20 billion in India over the next five years and remove barriers for Indian exporters of value-added items like pharmaceuticals and processed food to Chinese markets. China’s investment plan comes close on the heels of Japan’s Prime Minister Shinzo Abe, during Prime Minister Narendra Modi’s recent visit to that country, pledging to spend $35 billion in India over five years.
Stronger links between Indian IT companies and Chinese enterprises and a big increase in services trade (tourism, films, healthcare) are expected to be the outcomes of some other agreements signed between the two sides on Thursday. The Export Import Bank of China signed an agreement with the State Bank of India to extend a $1.8-billion line of credit for projects including those importing Chinese products.
A similar agreement was signed with ICICI Bank for $1 billion. Both countries also decided to work together to steer regional cooperation and advance their efforts to build the BCIM (Bangladesh, China, India and Myanmar) economic corridor. In all, 12 agreements were inked between both the countries on Thursday, including cooperation in railways, outer space and customs. Wednesday’s deals included those for China to set up two industrial parks in India.
Source: The Financial Express
Chinese enterprises, Investment, Investment $20 billion in India by china, Investment of $35 billion in India, IT companies
