India, China agree to deepen bilateral investment, open mkts

From K J M Varma
Beijing, Sep 26 (PTI) Holding their first comprehensive
Strategic Economic Dialogue (SED) here Monday, India and China
have reached an understanding to deepen bilateral investment
cooperation, further open up markets to each other and improve
the investment environment.
High-power delegations led by India's Planning Commission
Deputy Chairman Montek Singh Ahluwalia and China's National
Development and Reform Commission Chairman Zhang Ping had a
very positive and successful dialogue on stepping up
cooperation and coordination on a host of economic issues,
Indian officials said.
The two sides have agreed to stay committed to deepening
bilateral investment cooperation, further opening markets and
improving the investment environment in both countries to lay
a solid foundation for pragmatic cooperation between the
businesses of the two countries on the basis of
complementarities, mutual benefit and win-win outcomes,
minutes circulated at the end of first session said.
The two sides also agreed to strengthen cooperation on
energy efficiency and conservation, as well as on
environmental protection.
Both sides agreed to actively foster cooperation on
energy, including the renewable energy sector, in order to
promote sustainable development.
Enhanced exchanges in these spheres would be the new
engine for greater cooperation between the two sides, the
minutes said.
In his opening address, Ahluwalia said India and China
share many commonalities.
"China's economic reforms began a decade and more before
those of India. Your achievements in transforming your economy
are well recognised all over the world. We in India are deeply
impressed by your progress and we believe there are many
lessons from your experience that may be valuable to us,"
Ahluwalia said.
He noted that both countries had Five-Year plans for
their development strategy.
"You have unveiled your Twelfth Plan and we are going to
finalise our Twelfth Plan in 2012," he said.
"Challenges like energy efficiency, water pricing,
management of urbanisation and rapid modernisation of
infrastructure are common to us also," he said and proposed
that the first goal of the SED should be a continuous exchange
of economic experiences on all critical sectors from which
both nations can benefit.
In his address, Zhang said as the world's economic and
political landscape is undergoing "profound changes", India
and China as developing countries are faced with rare and
historical development opportunities.
"Since we are at the important stages of acceleration of
industrialisation and urbanisation, our two countries are
faced with similar or even identical problems in the course of
development," he said.
He hoped that the SED will enhance mutual understanding
and trust between India and China by drawing upon each other's
strengths and experiences in economic development to seek
mutually beneficial cooperation
"By doing so, we will enhance our practical cooperation
in various fields and find solutions to our common problems.
This will help promote long-term and steady development of our
respective economies and have a profound impact on our two
countries," Zhang said.