Xi Jinping new chapter starts with Gujarat page

Written by Lakshmi | Lakshmi Ajay | Avinash Nair | Ahmedabad | Updated: Sep 18 2014, 16:19pm hrs
China signed a landmark agreement with the Gujarat government to facilitate investments worth Rs 9,000 crore, which were promised by Chinese companies in the form of industrial parks in the state, as Chinese President Xi Jinping kicked off his three-day state visit to India on Wednesday.

Xi was given a warm welcome after the Air China special aircraft carrying him and his wife Peng Liyuan landed at the airport. The visit of Xi, who is accompanied by a delegation of senior officials, is aimed at boosting trade and investments, besides having discussions on issues like the contentious border dispute.

Xi and his wife were received by Prime Minister Narendra Modi at the Hyatt hotel, following which the two leaders had a one-on-one discussion.

Soon after, the two sides got down to business as a Memorandum of Understanding (MoU) was signed between the China Development Bank (CDB) and Industrial Extension Bureau or iNDEXTb the Gujarat governments wing that is in charge of accelerating industrial development in the state.

According to the MoU, which is valid of three years, the CDB will guide and introduce Chinese enterprises to set up industrial parks in Gujarat. This role will be similar to that of JETRO, which has been facilitating Japanese investments in the state. CDB will also provide financial support for the industrial parks, the first of which will come up in Vadodara.

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