China planning to set up Consulate General in Chennai

A substantial Chinese participation is expected at the forthcoming Global Investor Meet to be held in Chennai in May this year. Not just that, China has also proposed to establish a Consulate General in Chennai soon.

Mr.Le Yucheng, Ambassador of the People’s Republic of China to India, who met Chief Minister O Paneerselvam here, highlighted the possibilities of investment in the renewable energy sector, particularly solar energy. He said his embassy was keen on further strengthening the relations between state-level leaders in India and provincial leaders in China and invited the Tamil Nadu Chief Minister to visit China.

Currently, there are about 100 Chinese firms operating in India. Of this only, 6 are in Tamil Nadu. Mr. Paneerselvam said there was enormous potential for cooperation between Tamil Nadu and China. “Some of the promising areas include electronic hardware, semiconductor, textiles, heavy engineering, automobiles and parts, Information technology, and above all infrastructure,” he said.

Mr. Paneerselvam also hoped that the new Asian Infrastructure Investment Bank would partner with Tamil Nadu in establishing Tamil Nadu Infrastructure Fund Management Company (TNIFMC).

“ TNIFMC will float Infrastructure Financing Vehicles as permitted by the Securities and Exchange Board of India. Tamil Nadu hopes to attract investment from Chinese Banks and Funds into IFVs promoted by TNIFMC,” he said.

China is also collaborating on developing the high speed rail link between Delhi and Chennai and on increasing the speed on the Chennai-Mysore rail line.