India's new envoy invites Chinese investments

By K J M VarmaBeijing, Dec 7 (PTI) India's new envoy to China GautamBambawale has invited firms from the world's second largesteconomy to invest ...

By K J M VarmaBeijing, Dec 7 (PTI) India's new envoy to China GautamBambawale has invited firms from the world's second largesteconomy to invest in the country, citing heavy sales beingregistered by Chinese mobile phone manufacturers.

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

"We believe that many Chinese companies are well suitedand well positioned to take advantage of the large and growingIndian market," Bambawale said at a seminar on 'InvestmentOpportunities in India' here yesterday.

"Chinese mobile phone maker OPPO has just announced thatits sales revenue in India in fiscal 2016 grew by 750 percent, thereby making it a very significant player in India'smobile phone market. I need not say more," Bambawale said.

He also highlighted India's move to further liberalisebusiness visas for Chinese travellers to India by introducingan e-visa facility.

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

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

Rajiv Kumar, Vice Chairman of NITI Aayog, emphasised thesound economic fundamentals of India - enumerating a youngworking population, high savings rate and low levels ofgovernment debt as important positive indicators for theIndian economy, the statement said.

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

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

Senior Chinese government officials including ViceMinister of the Development Research Centre of the StateCouncil Wang Liming and Vice President of China Council forthe Promotion of International Trade Chen Zhou were alsopresent at the event.

Bambawale, who has served as High Commissioner toPakistan and earlier as India's envoy to Bhutan, submitted hiscredentials to President Xi Jinping on Tuesday. PTI KJVCPS.

This is unedited, unformatted feed from the Press Trust of India wire.

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