China to invest $500mn in Indian infrastructure and resource projects

Tuesday, 24 June 2003, 07:00 Hrs
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BEIJING: In a significant stamp of confidence in India and its "booming" economy, China Monday pledged to invest $500 million in infrastructure projects and resource building in that country.

Chinese Premier Wen Jiabao, during his talks with visiting Prime Minister Atal Bihari Vajpayee, spoke about the remarkable progress of the Indian economy, which he said was booming, and affirmed that the working together of the two countries would realize former Supreme Leader Deng Xiaoping's vision of an Asian century.

The two countries, during their talks, discussed cooperation in areas of public finance and infrastructure building in each other's countries as part of enhancing economic cooperation and doubling trade from the present $5 billion to $10 billion by 2005.

According to Indian government figures, the total amount of approved foreign direct investment in India from China between 1991 and August 2002 was $225 million for a total of 97 approved collaborations largely in the telecom, metallurgical, transportation, electrical equipment and financial sectors.

Indian investment in China has also been increasing steadily. According to the Chinese commerce ministry, India had invested in 71 projects worth $63 million in China by end 2002.

Source: IANS
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