New Delhi, Sept 18 India has expressed concern over trade imbalance between India and China and has requested the neighbouring country to ease restrictions for investment by Indian companies there. Meanwhile, China has agreed to invest USD 20 billion in the next five years in India and will also set up two industrial parks in Gujarat and Maharashtra.
India and China have signed 12 agreements following talks between Prime Minister Narendra Modi and visiting Chinese President Xi Jinping.
The pacts include cooperation in railways, outer space and customs.
Addressing the joint conference, Prime Minister Narendra Modi said, "Various agreements are being exchanged between China and India in the presence of President Xi Jinping. I am glad that President Xi Jinping has come to India within months of our Government taking office."
Modi further said, "We discussed various issues related to bi-lateral ties and economy.”
He said that the cordial relation will continue and there should be peace in the relations between two countries and at the borders.
Both sides agreed to resolve the border dispute quickly and demarcate the Line of Actual Control to improve peace and cooperation between both countries.
“We have agreed to cooperate on various shared interests at the global level including, peaceful and stability in Afghanistan. I have even suggested clarification of Line of Actual Control would greatly contribute to our efforts to maintain peace and tranquillity," Modi said.
Modi also thanked President Xi Jinping for opening new additional route to Kailash Mansarovar. “New route to Kailash Mansarovar makes pilgrimage accessible by motorable road, offers safer alternative, shorter in duration," he said.
For both India and China, development is top priority and the two share same developmental goals and same developmental philosophies, the visiting Chinese President said.
“We had fruitful talks on all issues of mutual concern. India has achieved enormous development and achievement and I am happy to see it and hope that under PM Modi India will achieve new heights," he said.
India-China bilateral merchandise trade stood at USD 65.88 billion in 2013. India's exports to China were valued at USD 14.50 billion, whereas its imports were much larger at USD 51.37 billion, resulting in a large trade deficit.
Jinping’s visit to India is the third by any Chinese president to the country. President Hu Jintao visited India in 2006 and Jiang Zemin came in 1996.