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Chinese President concludes successful India trip
September 19, 2014, 8:06 am

Chinese President Xi Jinping (6th R) holds talks with Indian Prime Minister Narendra Modi in New Delhi, India, Sept. 18, 2014 [Xinhua]

Chinese President Xi Jinping (6th R) holds talks with Indian Prime Minister Narendra Modi in New Delhi, India, Sept. 18, 2014 [Xinhua]

Chinese President Xi Jinping on Friday concluded a successful India trip after inking 12 agreements, including an investment pact that will see Beijing investing $20 billion in India’s infrastructure over five years.

“Each side will also facilitate companies of the other to invest and operate in their own country. The two sides will work together to forge production and supply chain linkages, which will help develop a more broad-based and sustainable economic partnership,” said a joint Sino-Indian statement on Friday.

Xi and Indian Prime Minister Narendra Modi held multiple rounds of talks beginning Wednesday in the Western city of Ahmedabad and the Indian capital New Delhi on Thursday. The Chinese President had brought a high-powered business delegation of 135 Chinese CEOs on his first state visit to India.

“The five-year economic and trade development plan is an important step. I invited Chinese investment in infrastructure and manufacturing sectors. I am glad two Chinese industrial parks will be built in India,” said Modi.

The 7th India-China Financial Dialogue will be held in New Delhi this year to enhance cooperation between Indian and Chinese financial regulators.

Beijing also said it appreciates the Indian approval during Xi’s visit for the Bank of China to open a branch in Mumbai.

China and India should be “express trains” driving regional development, as well as “twin anchors” of regional peace, said Xi in New Delhi.

“When China and India join hands for cooperation, it will benefit not only the two countries but also the entire Asia and the world at large,” Xi said in a speech at the Indian Council of World Affairs in the Indian capital.

“China and India have a combined population of over 2.5 billion,” he added. “If we speak with one voice, the whole world will listen, and if we join hands, the whole world will pay attention.”

Beijing and New Delhi have also announced the launch of talks on a civil nuclear energy pact.

“As large developing countries committed to promoting the use of clean energy, India and China believe that expansion of civil nuclear energy program is an essential component of their national energy plans to ensure energy security. The two sides will carry out bilateral cooperation in civil nuclear energy in line with their respective international commitments, including working level consultations between the Department of Atomic Energy of India and the China Atomic Energy Authority,” said the joint statement on Friday.

The two sides have also inked a railway cooperation pact, a Memorandum of Understanding on “peaceful uses of outer space”. Chinese experts will aid India raise the speed of an existing rail section between southern Indian cities Chennai, Mysore and Bangalore.

Twinning agreements between trade hubs Shanghai and Mumbai, and industrial hubs Ahmedabad and Guangzhou were also signed during Xi’s visit.

New Delhi and Beijing has also announced a dialogue mechanism between India’s Department of Economic Affairs and one of China’s leading government think-tanks, the Development Research Centre of China’s State Council.

Meanwhile, a statement from the Federation of Indian Chambers of Commerce and Industry said on Thursday Indian and Chinese companies signed 24 agreements worth $3.43 billion.

Xi had earlier roped in support from Maldives and Sri Lanka for the China-proposed initiatives of the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

“Our cooperation, like a massive treasure long-awaited to be unearthed, promises great prospects for us,” Xi said.

China aims to increase bilateral trade with South Asia to $150 billion, raise its investment in South Asia to $30 billion, and provide $20 billion in concessional loans to the region in the next five years.

China also plans to offer 10,000 scholarships, training opportunities for 5,000 youths and exchange and training programs for 5,000 youths, and train 5,000 Chinese language teachers for South Asia in the next five years.

 

TBP

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