The Chinese President Xi Jinping on a three day trip to India which ends on September 19, 2014 pledged to work in favour of maintaining good business relations with India and make sure that the two countries mutually benefit from the decided deals.
The authorities in India and China wish to create the ‘BCIM’ (Bangladesh, China, India and Myanmar) corridor which will be full of economic development and the overall upliftement of the countries as a whole.
After Xi Jinping met with Indian PM, Narendra Modi, he signed a five year plan to promote trade relations between the two states.
Further, China will extend greater market access to Indian companies and products, in the field of pharmaceutical, farming and fuel industries essentially.
They will be setting up two industrial parks in Ahmedabad and western Maharashtra.
The Export Import Bank of China has also signed a deal with the State Bank of India worth $1.8 billion and a similar deal has also been approved with the ICICI Bank for $1 billion.
The Chinese technologies will also be imparted to India’s biggest economy generating industry, the Indian railways.
They will help determine the speed of the trains making them faster and will also help in redevelopment of railway stations for a better and smooth functioning of the industry. Many private players like Reliance Communications has also signed deals with Chinese companies to help the two countries prosper and grow.
More than 20 other smaller deals totalling some $500 million were signed between Chinese and Indian firms.
Not only this China’s most well developed and liberal province Guangzhou along with Ahmedabad in India have signed an agreement to together on projects concerning environment and health thereby uplifting the countries as a whole.
Once these deals are worked and brought into practice the two countries will very well grow on the path of success.