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India's new envoy invites Chinese investments

Press Trust of India  |  Beijing 

India's new envoy to Gautam Bambawale has invited firms from the world's second largest economy to invest in the country, citing heavy sales being registered by Chinese mobile phone manufacturers.

Being the sixth largest economy with the seize of USD 2.5 trillion, growing at the rate of 7 to 8 per cent, offers a huge market and several business opportunities, he said.

"We believe that many Chinese companies are well suited and well positioned to take advantage of the large and growing Indian market," Bambawale said at a seminar on 'Investment Opportunities in India' here yesterday.

"Chinese mobile phone maker OPPO has just announced that its sales in in fiscal 2016 grew by 750 per cent, thereby making it a very significant player in India's mobile phone market. I need not say more," Bambawale said.

He also highlighted India's move to further liberalise business visas for Chinese travellers to by introducing an e-visa facility.

"The entire process can be done online without a need to visit either our embassy in Beijing or any one of our consulates in China," he said.

The seminar received an overwhelming response with more than 270 representatives from more than 190 Chinese companies attending the event, the Indian embassy said in a statement.

Rajiv Kumar, Vice Chairman of NITI Aayog, emphasised the sound economic fundamentals of India - enumerating a young working population, high savings rate and low levels of government debt as important positive indicators for the Indian economy, the statement said.

Kumar was here to attend the annual dialogue between NITI Aayog and China's Development Research Centre (DRC).

The DRC, under the State Council, China's Cabinet, is the agency mainly responsible for doing research on strategic, long-term issues in China's economic and social development.

Senior Chinese government officials including Vice Minister of the Development Research Centre of the State Council Wang Liming and Vice President of Council for the Promotion of International Trade Chen Zhou were also present at the event.

Bambawale, who has served as High Commissioner to Pakistan and earlier as India's envoy to Bhutan, submitted his credentials to President Xi Jinping on Tuesday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 18:25 IST