China, India sign more than US$22 billion in deals

Indian Prime Minister Narendra Modi (left) and Chinese President Xi Jinping shake hands before they hold a meeting in Xian, Shaanxi province, China, May 14, 2015. China and India signed deals worth more than $22 billion in areas including renewable energy, ports, financing and industrial parks, an Indian embassy official said on Saturday. 

PHOTO: REUTERS

MAY 16, 201512:33 PM

[SHANGHAI] China and India signed deals worth more than $22 billion in areas including renewable energy, ports, financing and industrial parks, an Indian embassy official said on Saturday.

Namgya C. Khampa, of the Indian Embassy in Beijing, made the remarks at the end of a three-day visit by Indian Prime Minister Narendra Modi, during which he sought to boost economic ties and quell anxiety over a border dispute between the neighbours. "The agreements have a bilateral commercial engagement in sectors like renewable energy, industrial parks, power, steel, logistics finance and media and entertainment," Mr Khampa said.

China is interested in more opportunities in India's US$2 trillion economy.

During a visit to India last year by Chinese President Xi Jinping, China announced US$20 billion in investments over five years, including setting up two industrial parks.

Since then, progress has been slow, in part because of the difficulties Mr Modi has had in getting political approval for easier land acquisition laws.

REUTERS