India looks towards Chinese investment to bridge rising trade deficit: Media Report

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India looks towards Chinese investment to bridge rising trade deficit: Media Rep
India sought to increase Chinese investments into the country, especially from China's largest business hub Shanghai, to bridge the ballooning USD 35 billion trade deficit, reported PTI.

During a meeting with Shanghai Mayor Yang Xiong, Indian Ambassador to China Ashok K Kantha highlighted the potential for expanding and diversifying trade and economic cooperation between the two neighbours, said the media report.

Kantha also noted the significant role Shanghai plays in expanding the economic ties, a statement issued by the Indian Consulate in the eastern metropolis Shanghai said.

China-India bilateral trade dipped to USD 66.5 billion last year and India has been asking China to boost investments to bridge the trade deficit.

Shanghai-based companies have undertaken a number of projects in India and other enterprises should build on this foundation by stepping up their investments, Kantha said.

Dion Global Solutions Ltd.

Read more about: investment, trade deficit, china, shanghai
Story first published: Tuesday, March 25, 2014, 9:20 [IST]
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