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China, India sign more than $22 billion in deal - Indian embassy

Published 16/05/2015, 05:28
© Reuters. Indian Prime Minister Modi shakes hands with Chinese Premier Li during a news conference at the Great Hall of the People in Beijing

SHANGHAI (Reuters) - China and India signed deals worth more than $22 billion(14 billion pounds) in areas including renewable energy, ports, financing and industrial parks, an Indian embassy official said on Saturday.

Namgya C. Khampa, of the Indian Embassy in Beijing, made the remarks at the end of a three-day visit by Indian Prime Minister Narendra Modi, during which he sought to boost economic ties and quell anxiety over a border dispute between the neighbours.

"The agreements have a bilateral commercial engagement in sectors like renewable energy, industrial parks, power, steel, logistics finance and media and entertainment," Khampa said.

China is interested in more opportunities in India's $2 trillion economy.

During a visit to India last year by Chinese President Xi Jinping, China announced $20 billion in investments over five years, including setting up two industrial parks.

© Reuters. Indian Prime Minister Modi shakes hands with Chinese Premier Li during a news conference at the Great Hall of the People in Beijing

Since then, progress has been slow, in part because of the difficulties Modi has had in getting political approval for easier land acquisition laws.

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