China eyes $20 billion investment in India in five years

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President Xi Jinping and Indian Prime Minister Narendra Modi shake hands at a press conference in New Delhi, India, Sept 18, 2014. The meeting of the two leaders comes as President Xi kicks off his three-day official state visit to India.

NEW DELHI - China announced Friday that it will try to increase its investment in Indian industrial and infrastructure projects to $20 billion in the next five years. 

The target was proclaimed in a joint statement the two sides issued in New Delhi on the final day of Chinese President Xi Jinping's state visit to the southern neighbor.

In the statement, which highlighted the two Asian giants' commitment to building a closer development partnership, China also announced the establishment of two industrial parks in western India.

India, for its part, said it welcomes Chinese investment in its manufacturing and infrastructure projects.

They both pledged to facilitate the investment and operations of companies from the other side in their markets, and to work together to forge production and supply chain linkages and thus help develop a more broad-based and sustainable economic partnership.

India is the last stop of Xi's four-nation tour in Central and South Asia, which has already taken him to Tajikistan, Maldives and Sri Lanka. In Tajikistan, he also attended a summit of the Shanghai Cooperation Organization.

 

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