China has reacted to the Enforcement Directorate’s raid on the offices of its Vivo Communication Technology Company Limited and demanded “a fair, just and non-discriminatory business environment” for its enterprises in India.
“The frequent investigations by the Indian side into Chinese enterprises not only disrupt the enterprises’ normal business activities and damage the goodwill of the enterprises, but also impedes the improvement of business environment in India,” said Wang Xiaojian, a spokesperson of the embassy of the People’s Republic of China in New Delhi. He added that such frequent investigations lowered the confidence and willingness of the market entities of China and other countries to invest and operate in India.
The ED carried out searches at multiple locations linked to Vivo India on Tuesday as part of a probe into an alleged violation of the Foreign Exchange Managed Act.
“The Chinese government always asks Chinese enterprises to abide by laws and regulations overseas and firmly supports Chinese enterprises in safeguarding their legitimate rights and interests,” said Wang.
The essence of China-India economic and trade cooperation is for mutual benefit and win-win results. The bilateral trade volume between China and India strikes a historical record of over 100 billion USD in 2021, which reflects the huge potential and broad prospect of economic and trade cooperation between our two countries, the Embassy of China in New Delhi stated. “China wishes the Indian side to investigate and enforce the law in compliance with laws and regulations, and effectively provide an fair, just and non-discriminatory business environment for Chinese enterprises to invest and operate in India.”
Published 06 July 2022, 19:14 IST
