Millennium Post

Industrial park may be announced during Chinese Prez Xi’s visit

India on Wednesday said the forthcoming visit of the Chinese President is expected to bring about a ‘directional change’ in the relationship between the countries in addition to boosting trade and investment. Minister of State for Commerce and Industry (Independent) Nirmala Sitharaman said that some announcements are expected during the visit with regard to setting up of industrial parks
by China.

‘This visit will bring a directional change to the relations between India and China in the last 60 years. The directional change will also help further strengthen the ties between the two nations,’ she said. ‘We think during this visit some announcement will be made pursuant to which China will move forward in setting up industrial parks in India,’ she added.

The Chinese President is scheduled to visit India from 17 September. He will start his three-day official tour from Ahmedabad.

China is expected to announce $5 billion investment in setting up two industrial parks in Gujarat and Maharashtra. She said the widening trade deficit with China is ‘worrying’ and in order to reduce this India has asked the neighbouring country to give more market access to Indian products and set up manufacturing units in the country.

‘Manufacturing in China and selling in India is not looking favourable to India. We believe this visit will present a good scope for increasing China's investment and trade with India,’ Sitharaman said.
The bilateral trade between the countries stood at $65.85 billion in 2013-14. The trade deficit was about $35 billion. China has invested only $410 million between April 2000 and June 2014. Further the minister informed that both the sides have discussed issues related to investments in India's railways sector during her recent visit to China.

Meanwhile, it has been decided that Sitharaman, who is also Minister of State for Finance, will represent India at the meeting of finance ministers and central bank governors of G-20 nations in Australia later this month. As Finance Minister Arun Jaitley is not well and undergoing treatment for diabetes management, Sitharaman would represent the country at the meeting at Cairns on 20-21 September, sources said.

Among other things, G-20, a group of developed and developing nations, is likely to discuss automatic sharing of tax information.
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