Indian Prime Minister Narendra Modi said that President Xi Jinping has assured him of greater access to Indian companies in China in a bid to bridge the yawning trade deficit between the two countries.
"I raised the issue of trade imbalance between the two countries. I urged President Xi to give our companies better market access and investment opportunities in China," Modi said after his bilateral talks with the Chinese side. "The Chinese president assured that he will take concrete steps in this regard."
India-China bilateral merchandise trade stood at $65.88 billion in 2013. While India's exports to China was valued at $14.50 billion, its imports were much larger at $ 51.37 billion, resulting in a large trade deficit. Modi said that India and China have much scope to increase economic cooperation, as it was way below the potential.
The prime minister said he was pleased with the inking of agreements between the two sides for two Chinese industrial parks in India and Beijing's commitment to invest around $20 billion in India over the next five years. "I invited Chinese investments in infrastructure and manufacturing sectors. I am glad that two Chinese industrial parks will be built in India."
