Chinese companies aim to invest $ 1 billion in Gujarat during the current year. A delegation consisting of representatives from 15 Chinese companies based in Wenzhou recently visited Ahmedabad to scout for fresh investment opportunities in the state.
Wenzhou, located near the middle of the East China Sea coastline, is considered the economic, cultural and transportation center of southern Zhejiang Province.
The Chinese delegation, while in Ahmedabad, shortlisted three sites for setting up a China Town project for automotive companies with housing facilities.
According to Jagat Shah, interim Secretary General of China India Trade and Investment Centre, a new body set up with the objective of enhancing two-way trade and investment between the two countries, Gujarat had become a favored destination for industrial investments following a visit by Narendra Modi to China in 2011. Shah was part of the delegation that accompanied Modi who was then the Chief Minister. CITIC has its headquarters in Ahmedabad.
Providing details of the composition of the Chinese delegation led by Teng Min Liang from Zhejiang TTN Electric Co Ltd., Shah said the companies represented were engaged in sectors such as automobile and motorcycle parts, real estate, construction, electrical appliances, garbage management, medical equipment, educational equipment and software, art and crafts and finance. Among the delegates were leader of Wenzhou International Investment Promotion Center, Executive member of Wenzhou Federation of Industry and Commerce, Chairman of Wenzhou Youth Entrepreneurs Association, Vice-Chairman of China Photoelectric Association, Vice-Chairman of Kids Shoe Association, Executive member of Energy Saving Association and entrepreneurs from various industries based in Zhejiang province. Sun Jian Qiang from JBON Control Industry who represents CITIC in China was also part of the delegation.
The Chinese delegation met with 30 potential investors and entrepreneurs at an investors’ summit held in Ahmedabad on June 7th and visited several factories to explore joint venture opportunities with Gujarat-based companies.
Earlier, prior to visiting Ahmedabad, the Chinese delegation had attended an investment road show hosted by CITIC in New Delhi. The delegates were addressed by Atul Chaturvedi, Joint Secretary, Department of Investment Policy and Promotion – Ministry of Commerce, and Anand Bhal, Economic Adviser at the Ministry of Urban development. While Chaturvedi spoke on India’s investment climate as well as the various challenges, opportunities and incentives, Bhal focused on opportunities for Chinese companies in urban development sectors such as water supply, sewage, solid waste management, metro rail and bus rapid transit system.
China’s Foreign Minister Wang Yi was in New Delhi on June 8th and 9th and held talks with External Affairs Minister Sushma Swaraj on how to strengthen cooperation between the two countries in key areas including trade and investment. He also called on President Pranab Mukherjee and Prime Minister Narendra Modi.