Shanghai: Reaching out to Chinese investors, Prime Minister Narendra Modi on Saturday asked them to take advantage of the ‘winds of change' in India with a much more transparent, responsive and stable regulatory regime, even as leading firms from the two sides signed 26 deals worth more than $22 billion.
“This is a historic opportunity for Chinese companies,” Modi said, addressing the India-China Business Forum in China's financial hub after interacting with 22 CEOs of top Chinese companies, including Alibaba Group chairman Jack Ma. Officials of China Light and Power, Xiaomi, Huawei and Trina Solar were also present at the event, organised in the last leg of his three-day visit to China.
“We have committed ourselves to 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,” Modi said.
“India is ready for business. You must be sensing the winds of change in India. I only advise you to come and feel the same,” he told business leaders from both countries.
The PM said as two major economies in Asia, ‘harmonious partnership' between India and China was essential for economic development and ‘political stability' of the continent.
“You are the ‘factory of the world'. Whereas we are the ‘back office of the world'. You give thrust on production of hardware, while India focuses on software and services,” he said.
Assuring Chinese businessmen that India's economic environment has changed, the PM said, “Our regulatory regime is much more transparent, responsive and stable. We are taking a long-term and futuristic view on issues.”
He said a lot of efforts have been made and were still underway to improve the ‘ease of doing business'.
Modi said he has a lot of hope from the relationship that he and President Xi Jinping are trying to build.
The PM said like China, India also wants to promote manufacturing in a big way particularly to create jobs for youth, who form 65% of the population.
“Our initial measures have helped in building up an enhanced investor confidence. The sentiments for private investment and inflow of foreign investment are positive,” he said, adding India-Chinese partnership should and will flourish. “We have complemented each other in the past. We can complement in the present and future too.”
Indian firms signed 26 deals worth more than $22 billion with Chinese firms in a range of sectors including renewable energy, power, infrastructure, steel and small and medium industries.