50 trade pacts mark day one of Wen visit

Updated - November 28, 2021 09:05 pm IST

Published - December 15, 2010 11:45 pm IST - NEW DELHI:

India and China took a giant leap in trade ties on Wednesday, first day of Chinese Premier Wen Jiabao's visit here, with the signing of 50 memoranda of understanding (MoU).

The MoUs are worth $16 billion, surpassing the $10-billion worth of agreements inked during the recent visit of U.S. President Barak Obama.

The agreements were signed at a ceremony that followed Mr. Wen's address to captains of industry at a meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Confederation of Indian Industry (CII) and the Associated Chambers of Commerce and Industry of India (Assocham). Union Commerce and Industry Minister Anand Sharma was present.

The major agreements included those the China Development Bank signed for billions of dollars in financing with the Reliance Power Limited of the Anil Dhirubhai Ambani Group and with the ICICI Bank.

The agreement with Reliance Power Limited provides for $4.63 billion in project financing, including $1.1 billion for the Sasan Ultra Mega Power Project, while the one with the ICICI Bank is meant for a $400-million facility.

The China Development Bank also signed a $2-billion agreement with the Reliance Communications, also of the Anil Dhirubhai Ambani Group, while Sepco and Shandong inked a $3.63-billion agreement with the Adani Group for supply of power equipment.

The other agreements include one between Dofang Electric and Abhijeet Projects for supply of power equipment worth $2.5 billion; between the Bank of China and the IDBI Bank for a $1.2-billion facility; between the Industrial and Commercial Bank of China and the ICICI Bank for a $1-billion finance facility; between Shandong and the Tamil Nadu Power Corporation for supply of $800 million worth of equipment; and between China Aluminium and Vedanta for metal imports worth $330 million.

The FICCI entered into a memorandum of understanding with the China Chamber of Commerce.

On Tuesday, Huawei, a Shanghai-based telecom equipment manufacturer, announced an investment of $2 billion in a new research facility in Bangalore, and a manufacturing unit in Chennai.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.