TCS opens all-woman BPO centre in S. Arabia
India's largest software exporter Tata Consultancy Services (TCS) on 14th September said it has opened Saudi Arabia's first all-female business process centre, which will provide employment to up to 3,000 women in three years. Saudi Aramco and GE are the centre's first customers, TCS said
Both the clients have already surpassed their target of recruiting 100 women each, while the total number of those employed at the centre stands at 300, it said. The Riyadh-based 3,200-sq mt facility will offer customers specialised finance and accounting, human resources, materials supply and office services to improve their operational efficiency, it said.
India's largest software exporter Tata Consultancy Services (TCS) on 14th September said it has opened Saudi Arabia's first all-female business process centre, which will provide employment to up to 3,000 women in three years. Saudi Aramco and GE are the centre's first customers, TCS said
Both the clients have already surpassed their target of recruiting 100 women each, while the total number of those employed at the centre stands at 300, it said. The Riyadh-based 3,200-sq mt facility will offer customers specialised finance and accounting, human resources, materials supply and office services to improve their operational efficiency, it said.
India-Vietnam sign seven pacts
Strategically important oil and gas cooperation and extension of a USD 100 million credit by India for defence purchases are among the seven pacts inked between India and Vietnam as they called for "freedom" of navigation in the South China Sea, a remark that could irk China which has been claiming territorial sovereignty over the high seas.
The agreements were signed during the second day of the four-day state visit of President Pranab Mukherjee who held talks with his Vietnamese counterpart Truong Tan Sang.
Both the countries decided to strengthen and deepen bilateral ties on the basis of the strategic partnership with focus on political, defence and security cooperation.
They decided to step up collaboration in the economic sector, science and technology, culture and people-to-people links.
In a subtle message to China, India and Vietnam, who established strategic ties in 2007, asserted that the freedom of navigation in the disputed waters of the resource-rich South China Sea should not be "impeded" and called all the parties "concerned" to exercise restraint in this context.
They agreed that freedom of navigation in the East Sea/South China Sea should not be impeded and called the parties concerned to exercise restraint, avoid threat or use of force and resolve disputes through peaceful means in accordance with universally recognised principles of international law, including the UNCLOS-1982," said a joint communique issued after the meeting.
China has been exerting its influence in these waters which is not taken well by Vietnam and other bordering countries like the Philippines. Beijing has also objected to India's exploration projects in the Vietnamese oil blocks.
Among the seven pacts inked, a Letter of Intent (LoI) was signed between the ONGC Videsh Limited (OVL) and Vietnam Oil and Gas Group (PetroVietnam).
The LoI is aimed at further consolidating cooperation between India and Vietnam in energy sector and pave the way for future collaboration between the two countries.
The two sides urged for "collective commitment of the concerned parties to abide by and implement the 2002 Declaration on the Conduct of Parties in the South China Sea and to work towards the adoption of a Code of Conduct in the South China Sea on the basis of consensus.
India and Vietnam also signed an MoU on extension of USD 100 million Line of Credit to Hanoi for defence procurement.
The pact, inked between the Exim Bank of India and the Vietnamese Finance Ministry, provides a concessional line of credit for procurement of defence equipment from India. Details of equipment to be procured by Vietnam are under finalisation.
Another significant pact signed during Mukherjee's visit is an MoU on operating and jointly promoting direct air services between Vietnam Airlines and domestic Indian air carrier Jet Airways.
For the first time, India and Vietnam will have direct daily flights from November 5 with Jet Airways connecting Delhi and Mumbai to the historic Ho Chi Minh City.
Apart from the LoI, the MoU on extending a credit line to Vietnam for defence purchases and the agreement on operating and jointly promoting direct air services, other pacts inked were -- agreement on cooperation and mutual assistance in customs matters, MoU on animal health, MoU on setting up of Pangasius breeding and farming in India and MoU on cooperation in youth affairs and skill development.
The two sides also agreed to undertake focussed cooperation in defence procurement.
The two leaders also agreed to enhance the economic partnership and strengthen the trade and investment linkages between the public and private sectors of both countries, including forging joint ventures.
A sapling of the revered 'Bodhi' tree, originally located in Gaya in Bihar, was on 15th September planted in the Presidential palace of Vietnam by Mukherjee, the second such offshoot of the holy tree in this country.The Indian delegation comprises Oil Minister Dharmendra Pradhan and five other Parliamentarians.
Strategically important oil and gas cooperation and extension of a USD 100 million credit by India for defence purchases are among the seven pacts inked between India and Vietnam as they called for "freedom" of navigation in the South China Sea, a remark that could irk China which has been claiming territorial sovereignty over the high seas.
The agreements were signed during the second day of the four-day state visit of President Pranab Mukherjee who held talks with his Vietnamese counterpart Truong Tan Sang.
Both the countries decided to strengthen and deepen bilateral ties on the basis of the strategic partnership with focus on political, defence and security cooperation.
They decided to step up collaboration in the economic sector, science and technology, culture and people-to-people links.
In a subtle message to China, India and Vietnam, who established strategic ties in 2007, asserted that the freedom of navigation in the disputed waters of the resource-rich South China Sea should not be "impeded" and called all the parties "concerned" to exercise restraint in this context.
They agreed that freedom of navigation in the East Sea/South China Sea should not be impeded and called the parties concerned to exercise restraint, avoid threat or use of force and resolve disputes through peaceful means in accordance with universally recognised principles of international law, including the UNCLOS-1982," said a joint communique issued after the meeting.
China has been exerting its influence in these waters which is not taken well by Vietnam and other bordering countries like the Philippines. Beijing has also objected to India's exploration projects in the Vietnamese oil blocks.
Among the seven pacts inked, a Letter of Intent (LoI) was signed between the ONGC Videsh Limited (OVL) and Vietnam Oil and Gas Group (PetroVietnam).
The LoI is aimed at further consolidating cooperation between India and Vietnam in energy sector and pave the way for future collaboration between the two countries.
The two sides urged for "collective commitment of the concerned parties to abide by and implement the 2002 Declaration on the Conduct of Parties in the South China Sea and to work towards the adoption of a Code of Conduct in the South China Sea on the basis of consensus.
India and Vietnam also signed an MoU on extension of USD 100 million Line of Credit to Hanoi for defence procurement.
The pact, inked between the Exim Bank of India and the Vietnamese Finance Ministry, provides a concessional line of credit for procurement of defence equipment from India. Details of equipment to be procured by Vietnam are under finalisation.
Another significant pact signed during Mukherjee's visit is an MoU on operating and jointly promoting direct air services between Vietnam Airlines and domestic Indian air carrier Jet Airways.
For the first time, India and Vietnam will have direct daily flights from November 5 with Jet Airways connecting Delhi and Mumbai to the historic Ho Chi Minh City.
Apart from the LoI, the MoU on extending a credit line to Vietnam for defence purchases and the agreement on operating and jointly promoting direct air services, other pacts inked were -- agreement on cooperation and mutual assistance in customs matters, MoU on animal health, MoU on setting up of Pangasius breeding and farming in India and MoU on cooperation in youth affairs and skill development.
The two sides also agreed to undertake focussed cooperation in defence procurement.
The two leaders also agreed to enhance the economic partnership and strengthen the trade and investment linkages between the public and private sectors of both countries, including forging joint ventures.
A sapling of the revered 'Bodhi' tree, originally located in Gaya in Bihar, was on 15th September planted in the Presidential palace of Vietnam by Mukherjee, the second such offshoot of the holy tree in this country.The Indian delegation comprises Oil Minister Dharmendra Pradhan and five other Parliamentarians.
Cairn India, NASSCOM tie up
Cairn India, in association with Nasscom Foundation, has established Cairn Nasscom Knowledge Centre at Challapalli village in Uppalaguptham mandal of East Godavari. This is a part of CSR actitivities, Cairn India has tied up with Nasscom Foundation to provide employability skills to the rural youth by imparting learning on basics of computer and spoken English courses.
India and china made 3 pacts
Chinese President Xi Jinping has reached India on 17th September, for a three visit in India. He was welcomed by Indian Prime Minister Narendra Modi. He reached Ahmedabad. The visit is billed as a significant leap forward to improve bilateral relations between the two Asian giants in these times of fast-changing power equations.
The Chinese President signed three memoranda of understanding (MoUs), heralding long-term cooperation and possible big-ticket investments. China, which has so far invested only Rs 700 crore in Gujarat, is expected to raise it significantly in the years to come.
Cairn India, in association with Nasscom Foundation, has established Cairn Nasscom Knowledge Centre at Challapalli village in Uppalaguptham mandal of East Godavari. This is a part of CSR actitivities, Cairn India has tied up with Nasscom Foundation to provide employability skills to the rural youth by imparting learning on basics of computer and spoken English courses.
India and china made 3 pacts
Chinese President Xi Jinping has reached India on 17th September, for a three visit in India. He was welcomed by Indian Prime Minister Narendra Modi. He reached Ahmedabad. The visit is billed as a significant leap forward to improve bilateral relations between the two Asian giants in these times of fast-changing power equations.
The Chinese President signed three memoranda of understanding (MoUs), heralding long-term cooperation and possible big-ticket investments. China, which has so far invested only Rs 700 crore in Gujarat, is expected to raise it significantly in the years to come.
An important MoU, effective for three years,
was signed between China Development Bank and the Gujarat Government’s nodal
agency for investments, iNDEXTb (Industrial Extension Bureau) for investment
promotion. The Bank will encourage Chinese investments in Gujarat by extending
credit to set up industrial facilities and factories at these parks. iNDEXTb
will assist Chinese investors in obtaining various clearances and creating
infrastructure at these parks, the first of which will be set up near Vadodara
to manufacture plastics, electrical equipment and electronic goods.
The second MoU seeks to establish “Sister
Province” relations between Guangdong and Gujarat, covering cooperation in
economy and trade, environmental protection, public policy education, health,
science and technology, as also tourism and culture. The Sister Provinces will
also extend mutual cooperation in sports, youth affairs, urban planning, waste
water management, infrastructure, and exchange of business delegations. This
MoU will be in force for five years.
The third MoU, also for five years, was signed
between the cities of Guangzhou and Ahmedabad for closer cooperation between
the local authorities. “Knowledge-sharing will be done through delegation
visits, institutional meetings and sharing of experiences in areas of mutual
interest.”
Flag meet held
India and China on 17th September held a flag meeting to discuss the situation in Chumar sector of Ladakh where troops of both the sides are engaged in a face-off situation.
The Brigadier-level flag meeting was held at a border personnel meeting point in Chushul, where the issue of intrusion of Chinese civilians in the Demchok area was also discussed. The meeting discussed the situation in Chumar where the Chinese troops have entered into the perceived Indian area and they have been asked to leave. Around 300 Chinese troops had entered the Indian territory over five days ago and they were confronted by a group of around 100 soldiers from the Army and the ITBP there.
This was the second flag meeting that has taken place in the last one week between the two sides to defuse the situation. Chumar is one of the very few places along the Line of Actual Control where access to the border areas is easier from the Indian side and this place has witnessed several face-off situations in the last two-three years.
IndiGo inks Rs 15, 384 cr deal with China bank
Budget carrier IndiGo has entered into a $2.6-billion (Rs 15,384 crore) deal with Industrial & Commercial Bank of China (ICBC) for financing the purchase of over 30 aircraft. The two parties have signed a memorandum of understanding in the backdrop of Chinese Premier Xi Jinping’s ongoing state visit to India.
ICBC is said to be one of the largest banks in
the world by total assets and market capitalisation. In 2013, it topped the
Forbes Global 2000 list of world’s biggest public companies.
IndiGo — largest airline in India by number of
passengers carried — currently has a fleet of 81 Airbus A320 aircraft. It is
one of the few profitable carriers in the country.
China to open doors wider for Indian goods
India and China on 18th September agreed to work on improving the skewed bilateral trade relations and sort out the contentious border issue, which has often soured relations between the two countries.
As part of the trade balancing initiative, Chinese President Xi Jinping, announced that China will continue to take active steps to give more market access to products from India, including pharmaceutical and farm goods. Further, he also committed investments of $20 billion over five years.
According to Indian statistics, with an increase in the bilateral trade over the last decade, the trade imbalance against India also increased exponentially from $18.65 billion in 2009 to $36.86 billion in 2013.
The two sides exchanged 12 documents, including a five-year roadmap for promoting balanced and sustainable development of economic and trade relations between the two nations on the principle of equality and mutual benefits.
The two sides agreed to cooperate in the Railways sector with Xi saying that the two leaders agreed to increase the speed on the existing rail section from Chennai to Mysore via Bangalore. The two sides decided to declare 2015 as the Visit India year in China and 2016 as the Visit China year in India.
Renews Customs cooperation pact
India and China have renewed the agreement for Mutual Administrative Assistance and Cooperation in Customs matters. A fresh agreement was signed by the Chairperson of Central Board of Excise and Custom (CBEC) JM Shanti Sundharam and the Chinese Ambassador to India.
The fresh agreement will help in timely availability of relevant information for prevention, investigation and combating Customs offences. It will assist customs administrations in both the countries to exchange experiences in the techniques and methods of clearance of goods and passengers, exchanging information on new trends of smuggling and in simplification and harmonisation of procedures.
Bonding with films
With India and China signing an audio-visual co-production agreement on 18th September, the two countries have agreed to establish a joint working group to facilitate and come up with a concrete co-operation framework for the film sector.
This decision was taken at the meeting between Information and Broadcasting Minister Prakash Javadekar and his Chinese counterpart, Cai Fuchao, Minister for State Administration of Press, Publication, Radio, Film and Television. This group will meet on the sidelines of IFFI 2014 in Goa where China will be the key participant.
SBI, ICICI Bank, Axis Bank to get China Exim Bank credit
State Bank of India and ICICI Bank signed framework agreements with the Export Import Bank of China (China Exim Bank) for Lines of Credit (LOC) amounting to $1.8 billion and $1 billion respectively.
The LOC will be utilised for projects involving import of Chinese raw materials, energy, equipment, mechanical and electronic products, complete sets of equipment, new and high-tech products, energy projects, infrastructure and construction projects and any other projects mutually agreed on by the two banks, the banks said in their respective statements. Axis Bank, India’s third largest private bank, also signed an MoU with China Development Bank for an undisclosed amount to support its corporate clients by funding them at competitive rates.
The deal will also give the bank the opportunity to work closely with Chinese companies in meeting their requirements in India.
SBI, in the statement, said that the agreement is expected to be an important building block in the push to the infrastructure sector initiated by the new Government, which is expected to require an investment of over a trillion dollars over the next few years.
China allows Kailash Mansarovar Yatra via Nathula pass in Sikkim
Indians travelling on the annual Kailash Manasarovar yatra will soon have another route. China agreed to allow the yatra through the Nathula pass in Sikkim. The new route will pass through the city of Shigatse, which is part of the Tibetan Autonomous Region. This new route will be in addition to the Lipulekh pass in Uttarakhand through which the yatracurrently takes place.
A Memorandum of Understanding between the Ministries of External Affairs of India and China signed allows for the opening of the new route for Indian pilgrims to the Tibet Autonomous Region in the People’s Republic of China. As per agreement China will be guest of honour country at the New Delhi World Book Fair 2016 something.
An MoU between the Indian Space Research Organisation and the China National Space Administration will allow India and China to encourage exchange and cooperation in the exploration and use of outer space for peaceful purposes, including research and development of scientific experiment satellites, remote sensing satellites and communication satellites.
The two countries have also agreed to enhance cooperation in the railway sector, including studying the feasibility of cooperation in a high-speed train as part of the MoU between the Ministry of Railways and Government of China on strengthening cooperation in Railways
In total 13 agreements
In total India and China signed 13 agreements. India raised concerns over the standoff at the Line of Actual Control in Ladakh “and repeated incidents” along the border.
In a strong statement, Prime Minister Modi said, “Respect for each other’s sensitivities and concerns, and peace and stability in our relations and along our borders are essential for us to realise the enormous potential in our relations.”
He also urged for the “clarification” or demarcation of the Line of Actual Control and an “early settlement of the boundary question.” President Xi also hoped that the boundary resolution could be resolved “quickly” as he said,
New Delhi to host India-China financial dialogue this year
India and China have agreed to hold the 7th India-China Financial Dialogue this year to enhance cooperation between the financial regulators of the two countries. A joint statement issued during the visit of Chinese President Xi Jinping states that the Indian side approved, in principle, the request of the Bank of China to open a branch in Mumbai.
The leaders agreed to explore new areas for economic cooperation in crosscutting fields including industrial investment, infrastructure development, energy conservation and environment protection, high-tech industry, clean energy and sustainable urbanization
The two sides also agreed to take positive steps towards rebalancing bilateral trade and addressing the existing structural imbalance in trade that has a bearing on its sustainability. Such measures will include cooperation on pharmaceutical supervision including registration, speedier negotiations on agro-products for two-way trade, stronger links between Indian IT companies and Chinese enterprises, and increasing services trade in tourism, films, healthcare, IT and logistics.
India and China also agreed to regular exchange of visits between the Defence Ministries and military leaders, so as to expand pragmatic cooperation in relevant fields. They also agreed to hold the fourth joint army training at a mutually convenient time, hold a Navy/Airforce joint exercise at a proper time, and strengthen cooperation in such areas as peace-keeping, counter-terrorism, naval escort, maritime security, humanitarian rescue, disaster mitigation, personnel training, and think tank communication.
India, China agree to resolve border dispute via 2005 pact
India and China have decided to resolve their long-standing border dispute according to the Agreement on the Political Parameters and Guiding Principles for the Settlement of the Boundary Question, a pact the two governments had signed in April 2005
Both sides have also decided to start talks on a civil nuclear agreement, to expand their civil nuclear energy programmes.
The 2005 agreement had virtually spelt out the contours of a settlement, taking into account the two sides’ “strategic and reasonable interests”. It had prescribed any settlement “should safeguard due interests of their settled populations in the border areas”.
In a joint statement issued after a meeting between President Pranab Mukherjee and his Chinese counterpart Xi Jinping on 19th September, the two countries said
Both sides have agreed to seek a fair, reasonable and mutually acceptable solution to the border dispute pertaining to the definition of the Line of Actual Control. They have tasked their respective special representatives with reaching political consensus on the issue, under the Working Mechanism for Consultation and Coordination on India-China Border Affairs.
The statement said regular visits into each other’s countries would be undertaken by defence ministries and military leaders of the two countries. Both will explore ways to achieve economic cooperation in new areas to address the rising trade deficit against India. These areas include industrial investment, infrastructure development, energy conservation and environment protection, the high-tech sector, clean energy and sustainable urbanisation.
India and China will also explore ways to establish joint ventures and collaboration in creating smart cities. In this regard, a dialogue mechanism will soon be set up between the finance ministry’s Department of Economic Affairs and China’s Development Research Centre of the State Council. The joint statement also reiterated China would invest $20 billion in India through five years
India and China on 18th September agreed to work on improving the skewed bilateral trade relations and sort out the contentious border issue, which has often soured relations between the two countries.
As part of the trade balancing initiative, Chinese President Xi Jinping, announced that China will continue to take active steps to give more market access to products from India, including pharmaceutical and farm goods. Further, he also committed investments of $20 billion over five years.
According to Indian statistics, with an increase in the bilateral trade over the last decade, the trade imbalance against India also increased exponentially from $18.65 billion in 2009 to $36.86 billion in 2013.
The two sides exchanged 12 documents, including a five-year roadmap for promoting balanced and sustainable development of economic and trade relations between the two nations on the principle of equality and mutual benefits.
The two sides agreed to cooperate in the Railways sector with Xi saying that the two leaders agreed to increase the speed on the existing rail section from Chennai to Mysore via Bangalore. The two sides decided to declare 2015 as the Visit India year in China and 2016 as the Visit China year in India.
Renews Customs cooperation pact
India and China have renewed the agreement for Mutual Administrative Assistance and Cooperation in Customs matters. A fresh agreement was signed by the Chairperson of Central Board of Excise and Custom (CBEC) JM Shanti Sundharam and the Chinese Ambassador to India.
The fresh agreement will help in timely availability of relevant information for prevention, investigation and combating Customs offences. It will assist customs administrations in both the countries to exchange experiences in the techniques and methods of clearance of goods and passengers, exchanging information on new trends of smuggling and in simplification and harmonisation of procedures.
Bonding with films
With India and China signing an audio-visual co-production agreement on 18th September, the two countries have agreed to establish a joint working group to facilitate and come up with a concrete co-operation framework for the film sector.
This decision was taken at the meeting between Information and Broadcasting Minister Prakash Javadekar and his Chinese counterpart, Cai Fuchao, Minister for State Administration of Press, Publication, Radio, Film and Television. This group will meet on the sidelines of IFFI 2014 in Goa where China will be the key participant.
SBI, ICICI Bank, Axis Bank to get China Exim Bank credit
State Bank of India and ICICI Bank signed framework agreements with the Export Import Bank of China (China Exim Bank) for Lines of Credit (LOC) amounting to $1.8 billion and $1 billion respectively.
The LOC will be utilised for projects involving import of Chinese raw materials, energy, equipment, mechanical and electronic products, complete sets of equipment, new and high-tech products, energy projects, infrastructure and construction projects and any other projects mutually agreed on by the two banks, the banks said in their respective statements. Axis Bank, India’s third largest private bank, also signed an MoU with China Development Bank for an undisclosed amount to support its corporate clients by funding them at competitive rates.
The deal will also give the bank the opportunity to work closely with Chinese companies in meeting their requirements in India.
SBI, in the statement, said that the agreement is expected to be an important building block in the push to the infrastructure sector initiated by the new Government, which is expected to require an investment of over a trillion dollars over the next few years.
China allows Kailash Mansarovar Yatra via Nathula pass in Sikkim
Indians travelling on the annual Kailash Manasarovar yatra will soon have another route. China agreed to allow the yatra through the Nathula pass in Sikkim. The new route will pass through the city of Shigatse, which is part of the Tibetan Autonomous Region. This new route will be in addition to the Lipulekh pass in Uttarakhand through which the yatracurrently takes place.
A Memorandum of Understanding between the Ministries of External Affairs of India and China signed allows for the opening of the new route for Indian pilgrims to the Tibet Autonomous Region in the People’s Republic of China. As per agreement China will be guest of honour country at the New Delhi World Book Fair 2016 something.
An MoU between the Indian Space Research Organisation and the China National Space Administration will allow India and China to encourage exchange and cooperation in the exploration and use of outer space for peaceful purposes, including research and development of scientific experiment satellites, remote sensing satellites and communication satellites.
The two countries have also agreed to enhance cooperation in the railway sector, including studying the feasibility of cooperation in a high-speed train as part of the MoU between the Ministry of Railways and Government of China on strengthening cooperation in Railways
In total 13 agreements
In total India and China signed 13 agreements. India raised concerns over the standoff at the Line of Actual Control in Ladakh “and repeated incidents” along the border.
In a strong statement, Prime Minister Modi said, “Respect for each other’s sensitivities and concerns, and peace and stability in our relations and along our borders are essential for us to realise the enormous potential in our relations.”
He also urged for the “clarification” or demarcation of the Line of Actual Control and an “early settlement of the boundary question.” President Xi also hoped that the boundary resolution could be resolved “quickly” as he said,
New Delhi to host India-China financial dialogue this year
India and China have agreed to hold the 7th India-China Financial Dialogue this year to enhance cooperation between the financial regulators of the two countries. A joint statement issued during the visit of Chinese President Xi Jinping states that the Indian side approved, in principle, the request of the Bank of China to open a branch in Mumbai.
The leaders agreed to explore new areas for economic cooperation in crosscutting fields including industrial investment, infrastructure development, energy conservation and environment protection, high-tech industry, clean energy and sustainable urbanization
The two sides also agreed to take positive steps towards rebalancing bilateral trade and addressing the existing structural imbalance in trade that has a bearing on its sustainability. Such measures will include cooperation on pharmaceutical supervision including registration, speedier negotiations on agro-products for two-way trade, stronger links between Indian IT companies and Chinese enterprises, and increasing services trade in tourism, films, healthcare, IT and logistics.
India and China also agreed to regular exchange of visits between the Defence Ministries and military leaders, so as to expand pragmatic cooperation in relevant fields. They also agreed to hold the fourth joint army training at a mutually convenient time, hold a Navy/Airforce joint exercise at a proper time, and strengthen cooperation in such areas as peace-keeping, counter-terrorism, naval escort, maritime security, humanitarian rescue, disaster mitigation, personnel training, and think tank communication.
India, China agree to resolve border dispute via 2005 pact
India and China have decided to resolve their long-standing border dispute according to the Agreement on the Political Parameters and Guiding Principles for the Settlement of the Boundary Question, a pact the two governments had signed in April 2005
Both sides have also decided to start talks on a civil nuclear agreement, to expand their civil nuclear energy programmes.
The 2005 agreement had virtually spelt out the contours of a settlement, taking into account the two sides’ “strategic and reasonable interests”. It had prescribed any settlement “should safeguard due interests of their settled populations in the border areas”.
In a joint statement issued after a meeting between President Pranab Mukherjee and his Chinese counterpart Xi Jinping on 19th September, the two countries said
Both sides have agreed to seek a fair, reasonable and mutually acceptable solution to the border dispute pertaining to the definition of the Line of Actual Control. They have tasked their respective special representatives with reaching political consensus on the issue, under the Working Mechanism for Consultation and Coordination on India-China Border Affairs.
The statement said regular visits into each other’s countries would be undertaken by defence ministries and military leaders of the two countries. Both will explore ways to achieve economic cooperation in new areas to address the rising trade deficit against India. These areas include industrial investment, infrastructure development, energy conservation and environment protection, the high-tech sector, clean energy and sustainable urbanisation.
India and China will also explore ways to establish joint ventures and collaboration in creating smart cities. In this regard, a dialogue mechanism will soon be set up between the finance ministry’s Department of Economic Affairs and China’s Development Research Centre of the State Council. The joint statement also reiterated China would invest $20 billion in India through five years
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