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India approves MOU for China India industrial parks

Tags: Indian Cabinet, india china, india china mou, China India industrial parks

June 26, 2014 | COMMENTS ( 0 )

 India approves MOU for China India industrial parks

 The Indian Cabinet has approved in principle a memorandum of understanding (MoU) between India and China for setting up industrial parks in the country. China is interested in investing in India especially in automotive, electronics, agro-processing, tourism and manufacturing.  China will participate in setting up of the industrial parks in the country. China has emerged as India's biggest trading partner in the current fiscal replacing the UAE and pushing it to the third spot.

 

India-China trade has reached $49.5 billion with 8.7 per cent share in India's total trade, while the US comes second at $46 billion with 8.1 per cent share and the UAE third at $45.4 billion with 8 per cent share during the first nine months of the current fiscal. The new Government believes the move will help address India's widening trade deficit with China, which has led to the government pushing China to source more products from here

 “This was a long pending demand to strengthen India China trade and investment ties which has now been fulfilled by the new government. In return the Chinese Government may agree to allow India to set up industrial parks there in China,” said Jagat Shah, interim Secretary General of CITIC. 

 

"I appeal to Government of India to consider Jammu & Kashmir also to set up an industrial park with Chinese," said Sheikh Khalid, Head of CITIC in J&K.     

 

Last month an investor delegation of 20 members from Zhejiang had visited Gujarat & shortlisted three locations for setting up the China township & industrial park at Sachana, Dalsana & Jakhwada.  Their delegation will soon be meeting the Government of Gujarat for finalisation of land. 

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