China, India sign 48 trade deals

Chinese Premier Wen Jiabao (R) with India's Union Commerce & Industry Minister Anand Sharma at the India-China Business Cooperation Summit in New Delhi on Wednesdy, December 15, 2010.

Source: Press TV
http://www.presstv.ir/detail/155716.html


India and China have signed several business deals in different areas, including power, telecom, and food products worth $16 billion.

Indian and Chinese firms inked as many as 48 business deals worth $16 billion on Wednesday.

China is India's largest business partner and their annual trade is expected to reach $60 billion this year.

New Delhi has been demanding greater access to Chinese markets to level the trade surplus.

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.

Shanghai-based telecom equipment manufacturer Huawei announced an investment of $2 billion in a new research facility in Bangalore and its manufacturing unit in Chennai.

Chinese firms Sepco and Shandong signed an agreement worth $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 $ 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-India political relations are also tainted by a series of sensitive issues, including a long-running border row.

The disputes are expected to be discussed during the upcoming meeting of the Chinese Prime Minister Wen Jiabao with his Indian counterpart Manmohan Singh.