New Delhi: Indian firms, including Reliance Energy, Lanco Group, NIIT and Ramky group, on Monday inked agreements with Chinese firms for investment worth nearly $6 billion in India and China.
The investments showcase the attempts by the governments of Asia's two largest economies to intensify economic cooperation.
"We must aim at a magnitude and intensity of (economic) engagement appropriate for the world's two most populous nations," said Planning Commission deputy chairman Montek Singh Ahluwalia giving details of the deliberations as part of India-China strategic dialogue.
The agreements include a plan to develop a 2,500 MW renewable energy project envisaging an investment of $3 billion by Reliance Power and China's Ming Yang Wind Power Group.
NIIT and Province of Hainan will together set up an IT technology park in Hainan with an investment of $800 million.
China Development Bank will syndicate a $2 billion (over Rs 11,000 crore) loan for Lanco Infratech's two power projects, which will help the cash-strapped group.
These agreements are part of the business-2-business exchange included in the India-China strategic economic dialogue spearheaded by the Planning Commission and its Chinese counterpart National Development Reform Commission (NDRC).
The development comes in the backdrop of fresh security concerns over Chinese investments in certain strategic sectors such as telecom as well as tension over China showing some parts of India as its own in its maps.
Ahluwalia, however, said both sides discussed deepening of bilateral economic cooperation and security related issues did not figure.
"Security issues are relevant not just with Chinese investment but with that of all other countries. No specific issue regarding security was raised," he said.
The Chinese delegation was headed by NDRC chairman Zhang Ping and the visit is being considered significant in New Delhi as it comes soon after the change in guard in Beijing.
Ahluwalia said there was immense scope for cooperation between the two countries in infrastructure sector. He also pointed at the wide trade imbalance, tilted in favour of China, and said the Five-Year Plan will help address market access challenges. Both sides also signed MoUs to extend technical cooperation in Railways, Planning Commission and NDRC and Nasscom and China Software Industry Association.
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