India's Modi brings home $22 billion in China deals

Indian Prime Minister Narendra Modi got down to business on the final day of his trip to China on May 16, saying his country was open for investment as firms signed deals worth more than $22 billion.

?Let us work together in mutual interest and for progress and prosperity of our great countries,? Modi told executives from 200 Chinese and Indian companies at a business forum in the Chinese commercial hub Shanghai. ?Now India is ready for business.? 

The nationalist leader was on the final day of a three-day trip to his fellow Asian giant, as the two jockey for regional influence and India?s trade deficit with China balloons.

Despite his hardline reputation, Modi has moved to engage with Beijing since his election last year, and he was looking for an economic boost from the visit, seeking to deliver on election promises for foreign investment.

China is India?s biggest trading partner with two-way commerce totaling $71 billion (62 billion euros) in 2014. But India?s trade deficit with China has soared from just $1 billion in 2001-02 to more than $38 billion last year, Indian figures show. Indian embassy trade counsellor Namgya Khanpa said the 21 agreements signed at the Shanghai event were ?worth over $22 billion,? with another five exchanged earlier.

Many of the contracts were for Chinese banks to finance Indian firms, and also included deals in the telecom, steel, solar energy and film sectors, she said.

They included an agreement for the China Development Bank to fund a power plant for India?s Adani Power, as well as a steel project between Indian conglomerate Welspun and two Chinese firms, according to a list released by Indian officials. No individual deal values were given.

Modi welcomed potential...