Modi-Xi Summit opens avenues for $20 bn investment

New Delhi: President Pranab Mukherjee on Thursday hosted a banquet in honour of his Chinese counterpart Xi Jinping. After a day full of discussions and travel, Xi was seen sharing some light moments with the Indian President. He was accompanied by his wife Peng Liyuan. Prime Minister Narendra Modi and several other Cabinet ministers were also present on the occasion. 

Earleir, China committed investments worth $20 billion in India over the next five years, said Prime Minister Narendra Modi after his 90-minute Summit with Chinese President Xi Jinping.

A total of 12 agreements were signed between India and China. “I invited investment in infrastructure and manufacturing sectors. I am glad that two Chinese industrial parks will be built in India. We feel we can increase our economic relationship. I urged that our companies get easier market access and investment opportunities in China.

“I conveyed concern over the incidents along the border,” he said and added, the border question has to be resolved finally. The Prime Minister expressed concern over China’s visa policy and trans-border rivers, and said early resolution would enhance mutual trust. “We will build closer cooperation on the shared challenges of terrorism and extremism.”

“On behalf of the people of India I thank the President that he has agreed for a new route to Kailash Mansarovar from Nathu La in Sikkim.

“I welcome the 5 year economic and trade agreement.”

“Respect for each other’s sensitivities and concerns, peace and stability in our relations and along our borders are essential. In the last two days, we talked about all aspects of India-China relationship.

“I am glad that President Xi Jinping has come to India within months of our government taking office. I give priority to China as we have historical relationship. We are the two biggest developing countries with largest population, we need mutual trust and respect for each other’s sensitivities. There should be stability on borders. If these do happen we will be able to use our potentials to its best.”

China is India’s largest neighbour. India and China are world’s two largest developing nations

“I give great importance and priority to India-China relationship. I am extremely happy to welcome China’s President.”

According to sources, the two leaders decided to identify each city in the country for a smart city demonstration project.

During the discussion between the two they also resolved to take steps towards rebalancing bilateral trade and addressing the existing structural imbalance in trade, with stronger links between Indian IT companies and Chinese enterprises, and increasing services trade in tourism, films, healthcare, IT and logistics.

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.   

Tourism is an essential way for growing trade and the two decided that promotion of tourism products and routes in India would be a boon — in relation to the historical travels of the Chinese monk-scholar Xuan Zang to India in the 7th century AD — with the annual exchange of 200 youth from 2015 to 2019.

In the field of art, Buddhist Art and another exhibition of Contemporary Indian Art will be organized in China in 2014-15, while China will be the partner country at the Delhi International Book Fair 2016.

To strengthen exchanges in movies, broadcasting and television shows, an Audio-Visual Co-production MoU was signed to facilitate joint production of movies. China will be the guest country at the Indian International Film Festival 2014.