India to clear 45 Chinese investment proposals despite territorial conflict: report

Published (HKT): 2021.02.24 06:55

India is reportedly about to clear 45 new investment proposals from China, which are likely to include those from Great Wall Motor Group and SAIC Motor Corp, despite recent military tensions between the two countries, Reuters reported on Monday.

The news agency cited two sources from the Indian government as saying that the investment proposals involved were submitted by manufacturers, which New Delhi did not consider to be sensitive to national security.

The green light was given by India after the two countries on Feb. 10 agreed to withdraw their troops from the western Himalayan Ladakh region to ease the months-long and often aggressive standoff.

Those proposals have been held up since last year, as India has stepped up restrictions on Chinese investment in its territory in retaliation against the alleged Chinese military incursions. Up to 150 investment proposals from China, worth more than US$2 billion, are reportedly stuck in the pipeline.

The bilateral trade volume between China and India in 2020 was US$77.7 billion, preliminary data released by the Indian Ministry of Commerce showed. It compared to the US$75.9 billion between India and the United States.

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