China eyes $20b industrial, infrastructural investment in India in five years

China announced Friday that it will try to increase its investment in Indian industrial and infrastructure projects to 20 billion U.S. dollars in the next five years.[Special coverage]

The target was proclaimed in a joint statement the two sides issued here on the final day of Chinese President Xi Jinping's state visit to the southern neighbor.

In the statement, which highlighted the two Asian giants' commitment to building a closer development partnership, China also announced the establishment of two industrial parks in western India.

India, for its part, said it welcomes Chinese investment in its manufacturing and infrastructure projects.

They both pledged to facilitate the investment and operations of companies from the other side in their markets, and to work together to forge production and supply chain linkages and thus help develop a more broad-based and sustainable economic partnership.

India is the last stop of Xi's four-nation tour in Central and South Asia, which has already taken him to Tajikistan, Maldives and Sri Lanka. In Tajikistan, he also attended a summit of the Shanghai Cooperation Organization.