India, China firms ink 48 biz pacts

Chinese Premier Wen Jiabao with Union Commerce & Industry Minister Anand Sharma at the India-China Business         Co-operation Summit in New Delhi on Wednesdy. PTI

These nearly 50 business agreements encompassing key segments of economy like infrastructure and banking were signed during the first day of the three-day visit of Chinese Premier Wen Jiabao. These agreements were signed in the presence of Jiabo, who while rejecting “dragon” and “elephant” comparison made between China and India, said there was enough space for the two Asian nations to develop and prosper.

Though the exact quantum of investment envisaged through these nearly 50 business deals has not been specified formally Premier Wen said during an interactive session with Indian industry that pacts worth US$16 billion between companies and enterprises of the two sides would be signed during his visit.

The major business deal signed related to Shanghai-based telecom equipment manufacturer Huawei announcing an investment of US$2 billion in a new research facility in Bangalore and its manufacturing unit in Chennai. Chinese firms Sepco and Shandong signed an agreement worth US$3.63 billion with diversified Adani group to supply power equipment. The other major business deal signed related to that between Dofang Electric and Abhijeet Projects for supply of power equipment worth US$2.5 billion. SRM Energy signed 1.4-billion dollar loan agreement with China Datang for setting up a 2,000-MW thermal power project in Tamil Nadu.

China’s leading financial institution Bank of China signed an  agreement with the IDBI Bank for a US$1.2 billion financing facility. Industrial and Commercial Bank of China signed a pact with India’s major private bank ICICI Bank for US$1 billion finance facility. China’s major power equipment manufacturer Shandong signed an agreement with the Tamil Nadu Power Company for supply of US$800  million worth of equipment.

The Chinese major in aluminium segment China Aluminium signed a deal with Vedanta for import of US$330 million worth of metals. Ficci and China Chamber of Commerce for Import & Export of Machinery and Electronic Products signed a Memorandum of Understanding to promote the trade and investment cooperation in areas like complete equipment and  engineering in infrastructure the sectors of power, telecommunications, metallurgy and cement production line.

In view of huge potential in the emerging health and medicine sector Ficci also signed an MoU with China Chamber of Commerce for Import and Export of Medicines and Health Products to promoting exchange, cooperation and trade between the members companies of both organizations and pushing forward the development of pharmaceutical and health products industries nternationally.

Comments (+)