India, China to sign pacts worth about $10 bln

India and China will sign several business agreements worth about $10 billion at the India- China Business Forum to be addressed by Prime Minister Narendra Modi in Shanghai on Saturday.

Official sources told PTI that agreements worth about $10 billion will be signed at the event which will be attended by heads of a number of Indian and Chinese business houses.

Modi, who will leave Beijing for Shanghai tonight, will meet CEOs of top Chinese business houses in Shanghai tomorrow.

Earlier, Indian Ambassador to China Ashok K Kantha had said that the two countries "agreed on a close developmental partnership during Chinese President Xi Jinping's visit to India and Modi's visit will delineate on how to take forward the bilateral economic engagement."

"We expect more than 20 business agreements to be signed in Shanghai during the visit," the Indian envoy had said.

The Indian envoy, however, did not elaborate on the business agreements likely to be signed.

Several others areas ranging from cooperation between provinces, cities, skill development, disaster management, smart cities and outer space will see concrete progress which will take forward the relations in a "fairly comprehensive manner", Kantha had said.