With an aim to boost investment between the two nations, the second India-China Strategic Economic Dialogue (SED) began in the Capital on Monday. Delhi and Beijing are eyeing investment in the technology and infrastructure areas.
The Indian side was led by the deputy chairman of the Planning Commission, Montek Singh Ahluwalia, while the Chinese team was led by Zhang Ping, the chairman of the National Development and Reform Commission (NDRC).
The two sides signed four MOUs.
Along with these MOUs, seven agreements between Indian firms and Chinese organizations were also inked. During the dialogue, the India delegation also discussed ways to narrow the trade imbalance between the two countries.
“Trade turnover between the two countries was estimated at $ 74 billion last year. While we welcome the expansion, we must also realize that there's a significant imbalance and our two governments are committed to addressing this imbalance through five year trade development plan,” Ahluwalia said.
The two countries are also examining the possibility of pilot projects that could be scaled up if found viable.
“There is still an enormous infrastructure deficit in India. We have large requirements for expansion of railways, roads and power sectors. There is an excellent scope for mutual cooperation in many of these areas,” he added.
According to sources, the possibility of setting up a BRICS development bank was also discussed. Ping said that the objective of the meet was to increase coordination on macro economic policies and provide a platform to both countries to leverage similar interests.