Chinese, Indian companies ink MoUs worth $2.5 bn

Indian and Chinese companies have signed agreements envisaging an investment of $2.5 billion across various sectors, including trade, industry, tourism and culture, during the visit of a Chinese delegation to the country.

Welcoming the Chinese delegation, finance minister Arun Jaitley reiterated the government's commitment for working towards expanding and deepening engagements and relations between India and China based on mutual complementarities and common interests.

''As two large countries with growing economies, the relationship between India and China transcends bilateral scope and has regional, global and strategic significance,'' he said.

China, he said, has shown interest in building on the bright prospects of sustained engagement between the two countries.

Jaitley recalled that there have been three meetings at the highest levels over past five months and such interactions provide the necessary impetus for strengthening bilateral relations.

"The visit of the Chinese delegation was very successful and agreements (MoUs) estimated at $2.5 billion were concluded between Chinese and Indian companies," said Xia Baolong, chairman of the standing committee of Zhejiang Provincial People's Congress.

Besides Baolong, the Chinese delegation comprises other senior government officials as also business leaders.

Xia Baolong thanked the union finance minister for the warm welcome. He conveyed interest in building on the bright prospects of sustained engagement between India and China in the fields of trade, economy, culture and tourism among others.