Open for business, India tells China

Ahead of Monday’s trade talks in Beijing — the first at the ministerial-level between the new government in New Delhi and China — Commerce and Industry Minister Nirmala Sitharaman has said the Narendra Modi government would underline its intent to create a more open investment environment for foreign firms — from China and elsewhere — starting with a landmark agreement to set up at least four Chinese industrial parks in India.

Ms. Sitharaman and her counterpart Gao Hucheng will on Monday sign an MoU that will for the first time establish a formal framework for Chinese companies to invest in dedicated industrial parks. Four such parks are on the cards.

She said there was “immense scope” for Chinese investment, “not just for manufacturing but many sectors where the Chinese have an advantage. Whether manufacturing or railways, we can always find out more such areas where Chinese investments can be encouraged.”