India, Chinese firms sign deals worth $ 22 bn during PM Modi's China visit

Calling for a 'harmonious partnership' between India and China, Prime Minister Narendra Modi today said it was essential for economic development and political stability of Asia.

Addressing CEOs at the India-China Business Forum here, Prime Minister Modi said both India and China have potentials of growth and problems of poverty. Emphasising that these problems can be tackled together, he said, "I am personally committed to take the co-operative process forward".

Highlighting the significance of need of a sound relationship between two of Asia's major economies, he said, "Harmonious partnership between India and China is essential for economic development and political stability of the continent."

"This industrial partnership of China and India can bring about greater investment, employment and satisfaction of our people."

As many as 21 agreements were signed between Indian and Chinese firms worth $22 billion at the India-China Business Forum.

Asking Chinese companies to take the "historic opportunity" to invest in India, Modi said, "We have committed ourselves for creating and improving the business environment. I can assure you that once you decide to be in India, we are confident to make you more and more comfortable."

Many Chinese companies have the possibility of investing in India to take advantage of India's potentials. The potential lies in manufacturing, processing as well as in infrastructure, he added.

Highlighting the steps taken up by his government to improve ease of doing business, he said, "We are making the taxation system transparent, stable and predictable. We have removed lot of regressive taxation regimes."