India asks China to invest in infrastructure sector

While looking for access into Chinese markets, India on Monday welcomed the Chinese investment in the infrastructure sector to narrow down the trade deficit currently faced by the country. "We welcome, and that we seek for working more closely in infrastructure in our country. We are looking for at the same time greater market access in China for our pharma and the IT companies to provide a more balanced trade between our two countries - a matter that was treated as of high importance between the visit of Premier Li," Indian foreign minister Salman Khurshid said during inaugural ceremony of India-China Media here.a "We hope that even as we work on balancing of trade, investments will significantly compensate to some extent the importance of sustainable balanced trade," he added. According to economic times newspaper India's trade deficit with China was USD 27 billion by the end of 2011. The Indian government has blamed current account deficit (CAD) as the main cause for shuddering of the Indian economy with the Indian rupee falling to an all time low last month. The minister further noted that apart from economic engagement, two countries needed the two countries needed to work on regional and global issues.