Upon the completion of Indian Vice-President Mohammad Hamid Ansari’s five-day visit to China, the two countries signed three Memorandums of Understanding (MoUs) yesterday. The MoUs include mutual agreements on the development of joint industrial parks, sharing of hydrological data for the Brahmaputra River, as well as exchanges of their respective administrative academies.
The first MoU is designed to set up incentives and frameworks to attract foreign direct investment from China to Indian industrial parks and zones. The MoU states that an Industrial Park Cooperation Working Group, consisting of an equal number of Chinese and Indian members, will work toward finalizing details and consolidating mutual cooperation in promoting India’s industrial parks.
“The China-India trade space is an exciting area to be in right now and these new developments further strengthen the long-term view that China and India now see themselves as strategic partners. These are welcome developments and encouraging for the renewed mutual interest in improving bilateral trade and relations,” commented Chris Devonshire-Ellis of Dezan Shira & Associates.