World

India, China ink 24 key agreements worth $10 billion

Agreements included protocol for setting up consulates in Chengdu and Chennai

Web Desk May 15, 2015

PHOTO AFP

China and India signed no less than 24 agreements worth $10 billion on Friday for key sectors including education and railways.

The agreements included protocol for setting up consulates in Chengdu and Chennai as well as MoU pertaining to consultative mechanism for cooperation in trade negotiations as the accords were inked in the presence of Modi and his Chinese counterpart Li Keqiang in Beijing.

Moreover, an action plan for mutual benefit of Indian Railways and China National Railways was also inked.

Read: India's Modi tells China to 'reconsider' approach

"Today, we have signed over 20 agreements, covering diverse areas of cooperation. This shows the depth and maturity of our relationship and the positive direction of our partnership," Modi said.

"Our decision to open consulates in Chengdu and Chennai reflects growing mutual confidence and shared commitment to expand relations.”

An agreement on education exchange programme and 'Space Cooperation Outline' was also signed.

More key accords were seen inked on developing China-India think tanks, ocean sciences and maritime cooperation.

Launch of India-China Forum of State/Province Leaders is a historic moment in our ties. http://t.co/qVSNorhyK2
— Narendra Modi (@narendramodi) May 15, 2015

Four other accords regarding sister-city relations between Karnataka and Sichuan province; Chennai and Chongqing; Hyderabad and Qingdao; and Aurangabad and Dunhuang.

Read: Xi to Indian PM: China, India must build mutual trust

The meeting, in addition to bringing up a broadcast tie-up for Doordarshan and China's state-run CCTV, also emphasised setting up a Mahatma Gandhi skill centre in Ahmedabad.

Furthermore, agreements on education exchange programme, on mining and minerals, tourism, skill development, and vocational education were also signed.

The two sides also signed agreements relating to Indian Council for Cultural Relations (ICCR) and Yunnan Minzu University and the other Fudan University on the establishment of a Yoga college and centre for Gandhian and Indian studies, respectively.

The article first appeared on Daily News & Analysis

COMMENTS (12)

Kam | 9 years ago | Reply India is much bigger in size and population if compared with Pakistan. India need an investment of at least 250 billion dollars to get the significance which can be created in Pakistan just for 47 billion. The bigger the size more the resources required for creation and maintenance of infrastructure. There can't be any Martial law in India not because Indian army is any different (they feel same about politicians as in Pakistan army)but to get troops to every corner of country require at least a month and means to move troops far away from border.

Bobb Mack | 9 years ago | Reply @Indian Guy: Sorry for the typos in my previous message above. @Indian Guy: Sure we should not be doing comparisons !! Once they became fully convinced about Chinese investment plans about Gowader deep sea port and a network of roads/rail traversing through Pakistan, Indian's restlessness was understandable. Pak-China ties began to transform from all whether friend into “iron brother” relationship as termed by the Chinese. This development was bound to send a shiver down Indian spine…hence softening of Indian stance towards China with multibillion agreements starting from President Xi’ Indian visit last September. In the process Chinese have learnt that Indians will even crawl to get the same attention from China as Pakistan. As a result the true worth of this so called South Asian giant is revealed by its cry for revamping its infrastructure which it obviously can not manage on its own. Chinese understand it and are happy to help while ignoring the routine stuff that the Indians keep telling them to discredit Pakistan. It is interesting how this SA giant changing into a giant of the century despite its good growth rate.

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Bobb Mack | 9 years ago | Reply @Indian Guy: Sure we should not be doing comparisons !! Once the Indian became fully convinced about Chinese investment in Gwader deep sea port and a network of roads/rail traversing through Pakistan in a mutually beneficial plan, Pak-China ties transformed into "iron brother" relationship as termed by the Chinese. This development was bound to send a shiver down Indian spine...hence softening of Indian stance towards China with further agreements starting from President Xi' Indian visit last September and continuing. In the process Chinese have learnt that in order to get same attention as Pakistan, Indians will even crawl towards China for assistance. This so called South Asian giant want help in revamping its infrastructure which it can not mend on its own. Chinese understand that and are happy to help while ignoring the stuff that the Indians keep repeating their routine stuff against Pakistan. It is interesting how an SA giant changes into a giant beggar.

Sanjay | 9 years ago | Reply Hope you guys know that the $42bn dollars investment for the "Economic Corridor" is for a period till 2030. Thats like for the next 15yrs. Who knows what might happen, who knows what Al-Qaida or ISIS might do. But yesterday's $10bn and today's 22bn so totally '33bn' USD investment in India is only for next 4 years (One yr of PM ship already over). So now make the comments.

JSM | 9 years ago | Reply @sabi: India needs nothing from China. Please understand the scale of operations in India from the example that government-owned Indian Railway Catering and Tourism Corporation books more rail tickets a day than all the airline tickets in the world put together. It sells tickets worth more than USD 20biilion a year. Look at the state of PR. USD46 billion, USD 10 billion are not very big numbers or us. Stay happy.

JSM | 9 years ago | Reply @sabi: India does not need Chinese Investments. One company, Coal India is going to invest USD 25 Billion in the next 5 years. There are at least 10 business houses in India who can write cheques for amounts equal to USD 46 billion. Indians are not jealous of China's planned USD46 billion investment in Pakistan. If you want to develop, it is just drop in ocean.

Indian Guy | 9 years ago | Reply We should not be doing this unnecessary comparisons here. But since we are already into it, my contribution to this discussion: While the $46 billion investment in Pakistan is meant for projects to be completed over the next 15 years by 2030, the $20 billion (during Xi's visit to India) + $10 billion (Modi's visit to China) are meant for projects to scheduled to be completed in next 5 years. And, the $10 billion dollar invest excludes the deals worth $24 billion dollars that was signed today between Chinese and Indian companies.

Rajesh | 9 years ago | Reply One country does business...... another begs..... guess who

sabi | 9 years ago | Reply Something is better than nothing!.

Lee | 9 years ago | Reply china had to do it to wash off india's fear with gwadar. china doesnt want any opposition to the master plan gwadar that will eventually result in their strong hold on arabian sea.

Woz Ahmed | 9 years ago | Reply Interesting to see $10billion investment in high speed railways, education and space exploration. Clearly dosent match our $46 billion in road, rail and power More interesting to see announcement on same day, that $50 billion will be spent on Brazillian infrastructure to help export minerals to China. now CEPC makes more sense, if IRR on $35 billion power plants, we need to pay back China nearly $7 billion a year for life of project, we are rich in ores e,g Reko Diq, win -win ?

Haider | 9 years ago | Reply Nice to see good relations of India and China.Hope very soon see that of Pakistan and India.....After we all go above blame games and Tits for tats

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