Indian-Chinese companies sign 24 MoUs worth $3.4 billion

New Delhi: India and China business received a $3.4 billion boost, with companies from both countries on Wednesday signing 24 contracts for supply of equipment and service. The memorandum of understanding (MoU) were signed in areas of aircraft leasing and financing, telecom, chemicals, wind power components, cotton yarn and fabric, synthetic fibre and seafood.

The MoUs were signed at the conclusion of the India-China Business Meeting organized by industry chamber Federation of Indian Chambers of Commerce and Industry (FICCI). The agreement for increased business tie ups has received support from Chinese President, Xi Jinping who is currently in India and Prime Minister Narendra Modi.

The MoU's were signed in presence of officials from the department of commerce and Industry and from their counterparts in China. Sanjeet Singh, Director, Ministry of Commerce and Industry and Ren Feng, First Secretary, Department of Foreign Trade, Ministry of Commerce, Peoples Republic of China; Wang Hejun, Economic & Commercial Counselor, Embassy of China and A Didar Singh from FICCI attended the event.

Another MoU between Industrial Extension Bureau (iNDEXTb), the nodal agency of Government of Gujarat for investment promotion, and China Development Bank, under which iNDEXT was signed in Ahemadabad that will assist Chinese investors in obtaining required clearances and creating infrastructure facilities in the industrial parks.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.