Minister of State (Independent Charge) for Commerce and Industry Nirmala Sitharaman, on Monday held a meeting with her Chinese counterpart Gao Hucheng in a bid to reduce the trade gap with China.
She pitched for bigger investments like industrial parks.
Sitharaman underlined her government's intent to create a more open investment environment for foreign firms from China and elsewhere starting with a landmark agreement to set up at least four Chinese industrial parks in India.
Sitharaman said India will create a more open investment environment for foreign firms not just for manufacturing but many sectors where the Chinese have greater advantage. Four such parks are on the cards.
Sitharaman is accompanying Vice President Hamid Ansari to Beijing on a five day long trip to boost bilateral ties and also participate in a trilateral summit.
India has a USD 40 billion bilateral trade deficit with China and Prime Minister Narendra Modi is expected to seek greater market access to reduce that gap. China's own embrace of an export-led model has helped its economy outgrow India's four-fold since 1980.
Vice President Hamid Ansari met Chinese Premier Li Keqiang in the Great Hall of the People in Beijing on Saturday, the third day of his ongoing trip to China, and called for building convergence and minimising differences.
He also visited the Great Mosque of Xian and the Giant Wild Goose Pagoda on his first bilateral visit to the neighbouring country.
Ansari reached China on Thursday to hold bilateral discussions with his counterpart Li Yuanchao and to attend events to mark the 60th anniversary of Panchsheel Agreement.
In 1954, China, India and Myanmar initiated the five principles or the Panchsheel agreement, which stand for mutual respect for sovereignty and territorial integrity, mutual non-aggression, non-interference in each other's internal affairs, equality and mutual benefit and peaceful coexistence.
This is the first visit of an Indian leader to China after Prime Minister, Narendra Modi, assumed office last month. It is also Ansari's first visit to China and the first by an Indian Vice President since 1994. The then Vice President, K. R. Narayanan, had visited China in 1994.
