Chinese and Indian companies sign over 120 MoUs

More than 120 MoUs were signed on Thursday between the private sector of China and India for exports of several products including sugar, plastics chemicals, pharmaceuticals and fertilizers.

Chinese President Xi Jinping will attend a second informal meeting with Indian Prime Minister Narendra Modi on October 11 and 12.

Over 60 Chinese entrepreneurs from 34 sectors will carry out trade promotion activities in India, and these enterprises have formalized trade agreements with orders around 100 million U.S. dollars, said Liu Changyu, Deputy Director General, Foreign Trade Department of Ministry of Commerce.

China and India contribute to about 20 percent of the global GDP. The two-side trade and economic cooperation have witnessed remarkable results.

Trade volume between China and India reached 95.54 billion U.S. dollars in 2018, a year-on-year increase of 13.2 percent. As of the end of 2017, China has invested a total of 4.747 billion U.S. dollars in India.

Over 1,000 Chinese companies increased their investments in India with a total investment of eight billion U.S. dollars, creating 200,000 local jobs, according to the Counselor of Chinese embassy in Delhi, Zhu Xiaohong.