Mr. Han Zheng, Communist Party Secretary of Shanghai, and a member of the Politburo of the Communist Party of China visited India on a landmark 5 day tour of Delhi, Mumbai and Bangalore.
Mr. Zheng who was accompanied by a 80 member business delegation met Indian Prime Minister Mr. Narendra Modi in New Delhi and in Mumbai met heads of companies including Mr. Cyrus P. Mistry, Chairman of Tata Sons, Mr. K V Kamath President, New Development Bank and Mr Rangarajan Vellamore CEO, Infosys Technologies (China) Co Ltd.
The architect of modern day Shanghai, Mr. Zheng’s maiden visit of India was to lay the ground work for stronger collaborations between the two nations. While cross border investments in the IT, financial services, transport and healthcare sectors were highlighted, the leaders of the two nations also talked of building stronger links between China and India. Mumbai and Shanghai became sister cities in 2014, however since then little has been done to collaborate or cooperate. It is hoped that this initial visit will lay the groundwork for future ties between the two trading cities.
As the Chinese economy simmers at 6 percent GDP growth, the rise of India and her burgeoning population offer Chinese companies a sweet investment spot. Times are tough in China with large scale crackdowns and a massive clean up drive. With companies looking to book profits in the next big market, India offers a very lucrative option. Yet the negative perception the Middle kingdom harbors towards India tinges investment deals and has kept the Chinese cautious. While large conglomerates like the BAT (Baidu, Alibaba and Tencent) are scrutinizing various Indian companies to invest in, trust is still a factor.
Which is why besides the Wanda group and It is hoped, that bilateral visits such as Mr. Zheng’s will open doors between the neighbours and encourage a stronger cross pollination amongst our industries, peoples and governments. (In the picture from Left to Right – Mr. Chandrajit Banerjee, Dr. Naushad Forbes President, CII, Mr. Han Zheng, Mr. Devendra Fadnavis, Chief Minister, Government of Maharashtra)