As many as 26 business agreements worth over USD 22 billion were signed on Saturday between Indian firms — including Adani Group, Bharti Airtel and Welspun — and their Chinese counterparts on the last day of Narendra Modi’s three-day visit to China. These MoU and agreements span a wide range of industries, including renewable, energy, power infrastructure, steel and small & medium industries.
“We are very keen to develop the sectors where China is strong. We need your involvement. The scope and potential, the breadth and the length of infrastructure and related developments is very huge in India,” PM Modi said, while also giving a brief of his Make in India initiative. Prime Minister Narendra Modi met top Chinese CEOs, including Alibaba’s Jack Ma, and invited them to participate in the Make in India initiative.
“I have come to say to you Make in India,” Modi told the CEOs, according to a tweet by External Affairs Ministry spokesperson Vikas Swarup. “India and China can together give something to the world,” Modi told industry titans, according to the MEA tweet. “We are excited about India. We are excited about Make in India and Digital India.” Jack Ma of Alibaba to PM Modi, said the MEA tweet. “We are full of hope about India, which offers a dynamic work force and huge market,” liang Wengen, Chairman, SANY, said in another tweet.
Modi invited them to participate in the “5F Formula — From Farm to Fibre to Fabric to Fashion to Foreign,” the MEA tweet said. “We have some big plans for India, We fully support Make in India,” President of Xiaomi lin Bin to PM, the tweet said. “Harbin Electric would like to bring more light to India, take advantage of Make in India,” said CEO Zou lei to PM, said the MEA tweet.
Other participants of the meeting with the Prime Minister included the CEOs of Huawei, Shanghai Urban, Shanghai is the last leg of the Prime Minister’s visit after which he will leave for Mongolia. Among major agreements is Bharti Airtel’s tie-up for credit facility of USD 2.5 billion with China Development Bank and Industrial and Commercial Bank of China.
The Adani Group also inked an agreement with Golden Concord Holdings to establish an integrated photovoltaic industrial park in Mundra SEZ and to explore investments in gas power generation and natural gas sector. In another pact, Adani Ports & SEZ and Guangzhou Port Authority agreed to establish “sister port relationship” between Mundra Port and Guangzhou Port.
Welspun Energy entered into a memorandum of understanding with Trina Solar of China to jointly set up a PV industry park for production of 500 MW of Photovoltaic (PV) cell and 500 MW of PV solar module in India. “(These) are a reflection of the strong interest of Chinese companies to invest in India and contribute towards Make in India initiative,” an official statement said.
It further said the agreements would also facilitate cooperation between Indian and Chinese companies in the film and entertainment industry and “will help in making more Chinese friends/audiences aware of India’s strength in this area.” The other significant MoUs include, Il&FS and Industrial & Commercial Bank of China (ICBC); Il&FS Energy Development Co. and China Huaneng Group for 4,000 MW Nana layja Thermal Power (Coal) project; and Jindal Steel and Power and ICBC on development of potential projects.
Technology major Infosys also entered into an MoU with People’s Government of Qiannan Autonomous Prefecture to jointly build ‘China India Information Service Industry Corridor’ in Qinnan. Bhushan Power and Steel too signed a pact with China National Technical Import and Export Corporation for an integrated steel project in Gujarat. Speaking at the India China Business Forum, Modi had reached out to Chinese investors asking them to take advantage of the “winds of change” in India with a much more transparent, responsive and stable regulatory regime.