India seeks more Chinese investment to bridge trade deficit

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India today sought to increase Chinese investments into the country, especially from China's largest business hub Shanghai, to bridge the ballooning $ 35 billion trade deficit.

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.

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 $ 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.

In recent years, Yang said, relations between Shanghai and India had made steady progress and the Shanghai municipal government remains committed to further strengthening its relations with India.

Kantha also discussed the series of activities that the Embassy and the Consulates in China plan to organise under the "Glimpses of India" Festival in China this year, which has been declared by the two sides as the "Year of Friendly Exchanges".

The Mayor assured the Indian envoy of full cooperation for the proposed activities in Shanghai, the release said.

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