China keen on investing USD 3bn in new Mumbai metro project

The Chinese government is ready to pump in upto USD 3 billion into a proposed metro project connecting Colaba in south Mumbai to Santacruz in the northern fringe of the megapolis, a top government official said on Saturday.

The Chinese are also keen on participating in other infrastructure projects apart from those in the agriculture sector in the country, the official said. "We are keen to bring our technology for the new metro project in Mumbai. We are also ready invest in technology upgrade for the textiles sector, infrastructure and agriculture projects in the country," Chinese Consul-General in Mumbai Liu Youfa told PTI.

He said they are "willing to invest USD 3 billion in the metro project through foreign investments along with latest technology." The feasibility study on the proposed Colaba-SEEPZ (Santacruz Electronic Export Processing Zone at Andheri) metro project is ready and the Maharashtra government is looking for technology and funding for the venture.

Liu claimed China was already providing magnetic and bullet-train technology to over 30 countries. Indian Merchants Chamber president Niranjan Hiranandani, who was also present at the event, said the industry body will do everything to help attract Chinese investment into the infrastructure projects in Mumbai.

"We need to work on two-way investment which will reduce the trade deficit on Indian side and create more jobs," Liu said. The trade between the two Asian giants stood at USD 73.9 billion in 2011 and dropped marginally to USD 70 billion in 2012 due to economic slowdown, he said.

The Consul General, an economist by training, spoke on further developing relations between India and China. "Together, the two countries comprise 37 percent of the world's population. If we both come together, nobody can stop our growth. However, if one of us focuses individually on growth, it's going to hinder the other," Liu said and called for for more bilateral trade and investment.