India, China signs deals worth $22bn
India and China on Saturday signed over two dozen agreements worth a total of around $22 billion.
The 26 agreement – that cover a range of industries including steel, finance, solar, port, telecommunications and entertainment – were signed at the end of the visit to China by the Indian Prime Minister Narendra Modi.
They also follow the signing Friday in Beijing of two dozen government-to-government framework agreements to cooperate in railways, mining, space and even yoga.
“I’m here to tell you India’s economic environment has changed,” Modi said in a speech to a business forum in Shanghai.
"Let us work together in mutual interests … Now India is ready for business," he said before leaving for South Korea and Mongolia.
Modi said China has a role because its businesses have “already been doing” a lot of what’s on his agenda. To welcome them, he said his government aims to make it more comfortable for foreign investors to work in India by improving their living conditions and dealing with knotty bureaucracy like the tax system.
Terming India a knowledge society and China an innovating one, the prime minister said that while China is historically famous for the compass and gunpowder, ancient India had those too, along with advanced mathematics and astronomy that he said were ultimately used in China.
“Our ideas had a role to play in your innovations,” Modi said, as reported by The Wall Street Journal.
A statement by China's foreign affairs ministry reported president Xi Jinping as saying to Modi that their two countries "must work together to enhance mutual trust, control our differences and problems to avoid them interfering with bilateral relations".
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