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India woos Chinese investment to boost manufacturing

Xinhua, November 5, 2016 Adjust font size:

India is looking to investment from China in a bid to boost manufacturing and reach their goal of creating a hundred million jobs by 2022, an official from the Indian Ministry of Commerce and Industry said Friday.

India attracted more than 50 billion U.S. dollars in foreign direct investment last year, while Chinese investment accounted for only a small part of it, said Ravneet Kaur, joint secretary of the ministry's department of industrial policy and promotion.

Kaur called for more Chinese investment in sectors including railways, telecommunications, retail, construction and automobiles at a seminar on India-China trade, investment and economic cooperation in Zhengzhou, capital of central China's Henan Province.

The Indian government introduced a "Make In India" program in September 2014 to boost manufacturing in the country. Manufacturing only accounted for 17 percent of India's GDP in 2015, and the government is expected to increase the proportion to 25 percent by 2022, Kaur said.

It will be a win-win situation for both countries as the demands of China and India complement each other, said Amit Narang, deputy chief of mission at the Indian embassy in China, referring to the prospects of more Chinese investment in India.

More Chinese enterprises are now investing abroad to transfer their capacity, while India is calling for more foreign investment, he said.

The seminar was also attended by representatives of Henan-based enterprises who showed interest in investing in India.

"India has become one of the most popular destinations for investment around the world," said Cui Xiaohe, overseas marketing manager of Henan Global Cross-border Business Development Company, which serves as a platform for local enterprises to access Indian buyers.

"A lot of enterprises here are unaware of the opportunities," she admitted."That was why we set up an office in Delhi, India earlier this year."

"We are planning to build factories in India as the infrastructure there is getting better," said Yang Guohong, deputy general manager of the international division of China Railway Engineering Group, which is carrying out tunnel construction in Delhi. "We will employ more local workers, which will be in line with the 'Make In India' initiative."

Henan, the fifth largest economy among provincial-level regions with more than a 100 million population, has been strengthening its trading bonds with India over the past few years.

From January to September this year, the total trade volume between India and Henan reached 716 million U.S. dollars, up 3.4 percent year on year, according to official figures. Endi