India asks China firms to invest in India
Alibaba.com founder and CEO Jack Ma (centre) and other Chinese delegates during a conference organised by Ficci on India-China Business Cooperation in New Delhi on Wednesday. - AFP
New Delhi: China’s wealthiest man and founder of e-commerce site Alibaba, Jack Ma said on Wednesday that he is looking to invest more in India as the company aims to expand its services beyond its home country.India has, meanwhile, asked Chinese companies to invest in the country and set up manufacturing units to help bridge the widening trade gap between the two countries, which stood at $36 billion in 2013-14.
“We will invest more in India. We will work with the Indian entrepreneurs going forward,” said Mr Ma.On his first visit to India, Mr Ma said that Alibaba is already working with many businesses in India.He has recently been in the news due to the record amount of $25 billion raised by Alibaba in September on its US listing. “I myself commit that we will invest more in India, work with Indian entrepreneurs and India technology companies to improve the relationship between the two nations and to improve the lives of human beings,” he said at a Ficci event.
He praised Prime Minister Narendra Modi’s leadership and said it is the best time for both nations to work together. “I have heard the Prime Minister’s speech and it is very passionate and inspiring. As a businessman, I was inspired and moved by it. Both China and India can achieve a lot working together,” he said.“There are a large number of Indian businesses on our websites. We have over four lakh Chinese consumers buying Indian chocolates, spices and tea. I think India has more great products that can be sold to China,” said Mr Ma.
He said that internet is a young business, and India has a lot of young people.Meanwhile, DIPP secretary Amitabh Kant, said that huge scope is available in India for Chinese companies to relocate their manufacturing units. “It is imp-ortant that Chinese companies come to invest in India because the trade imbalance is unsustainable in the long run. It will be difficult to continue this business unless and until Chinese companies manufacture in India and from India penetrate the global market,” Mr Kant said.
( Source : dc correspondent )
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