Published 12:47 IST, October 11th 2019
Modi-Xi summit in TN: Indian and Chinese companies sign 129 MOUs
PM Modi & President Xi Jinping are set to meet for the 'second informal summit'; ahead of the meeting, Indian and Chinese companies have signed 129 MOUs
Prime Minister Narendra Modi and Chinese President Xi Jinping will meet for the 'second informal summit' in Tamil Nadu's
Mamallapuram on Friday. Ahead of the meeting,129 MOUs were signed between Indian and Chinese companies. Both countries have acknowledged that investments between them have grown incredibly in the past few decades.
'India and China have huge potentials'
Earlier, at an India-China business meeting, ZHU Xiaohong, Counselor, Embassy of People's Republic of China said:
" With a combined market of over 2.7 billion people and GDP of 20 per cent of the world's total, China and India enjoy huge potential and broad prospects for economic and trade cooperation."
'Asian century'
Ahead of the summit, Chinese state-run media has made a big statement on India-China relations. An article in the Global Times stated that without the cooperation between India and China, the rise of Asia looks impossible. The article has also stated the importance of investments both countries get from each other.
" Chinese companies have in recent years proactively participated in India's initiatives, such as "Make in India" and "Digital India," expanding investment in the country's industrial parks and e-commerce, creating substantial job opportunities in India. India's investment in China is also rising." says the article.
Investments on rise
The Chinese investment in India is also on a rise, LIU Changyu, the Deputy Director-general of China had earlier said:
"In the next 15 years, China will import $30 trillion of goods and $100 billion of services from the world. As the only two major developing countries with a population of more than 1 billion in the world, China and India are focusing on development."
Trade volumes increasing
According to a statement released by the Government in 2017, the trade volumes between the two countries are also increasing. The statement also said that India was the 7th largest export destination for Chinese products and the 27th largest exporter to China.
"Trade volume between the two countries at the beginning of the century, the year 2000, stood at US$ 3 billion. In 2008, bilateral trade reached US$ 51.8 billion with China replacing the United States as India’s largest, Goods trading partner, In 2011 bilateral trade reached an all-time high of US$ 73.9 billion."
Updated 15:24 IST, October 11th 2019