India issues investor guide in Chinese
Renewing its pitch for fresh investments, India on Wednesday launched a sector-wise investment guide specifically targeted towards Chinese companies at an investor forum in Beijing. Sutirtho Patranobis reports.world Updated: Feb 27, 2013 23:36 IST
Renewing its pitch for fresh investments, India on Wednesday launched a sector-wise investment guide specifically targeted towards Chinese companies at an investor forum in Beijing.
"The Complete Guide to Investing in India" is divided into 10 sectors where Chinese companies could potentially invest. The book, in Chinese, has information on crucial sectors like infrastructure, automobiles, hospitality, power and energy among others. Relevant rules and regulations applying to each sector have been given in the book.
At present Chinese investment in India is worth around $55 billion but Indian diplomats here feel there is opportunity for much more.
The forum was jointly organised by the Indian Embassy here and the International Cooperation Department of National Development and Reform Commission (NDRC), the top economic management agency in China. It performs functions similar to the Planning Commission of India.
Around 270 representatives from Chinese companies were present at the forum.
Speaking at the forum, Zhang Xiaoqiang, NDRC vice-chairman, said while progress has been made in the trade between the two countries, mutual investment remains low.
On the one hand, he said enterprises of both sides should further intensify exchanges, positively adapt to the market in the other country and make full use of their advantages.
"On the other hand, both the governments should intensify communications, coordination and promotion through relevant platforms such as the India-China Strategic Economic Dialogue (SED) mechanism so as to create a more open and more convenient investment environment," Zhang was quoted in a press statement by the Indian Embassy as having said.
A presentation jointly prepared by the Public Diplomacy Division of Ministry of External Affairs and the Embassy was screened at the forum. It carried interviews of senior executives of Chinese companies already present in India like Sany, ZTE, Huawei and Xinxing Steels.
Ambassador S Jaishankar said Chinese companies could take advantage of India's goal to increase the share of manufacturing in the economy from the current 16 percent to 25 percent by 2022.
"Investments could also help address the trade imbalance created by market access challenges," he said.