Aside from earning a reputation as a culturally diverse city, Yiwu is also known as the source of a variety of products. (Photo : Getty Images)
Investment and tourism opportunities in India and China were presented at a meeting of Chinese businesses and government officials at Xiamen City, the Times of India reported.
Xiamen City is the site for this year's Brazil, Russia, India, China and South Africa (BRICS) summit, which will be held in September.
Organized by the Indian consulate in Guangzhou, the meeting dubbed "Go India: India Business, Investment and Tourism Promotion" was attended by more than 200 officials and businessmen from both countries.
India's Consul General Y. K. Sailas Thangal attended the event and presented investment prospects and business opportunities involving tourism in India, the report said.
During the event, Chinese companies which made successful investments in India shared their experiences as they encouraged other companies to look for opportunities in the country.
Between April 2000 and March 2016, Chinese companies have poured in about $1.35 billion in India through foreign direct investments.
Aside from direct investments, Chinese businesses also started investing in Indian companies in 2015. China's e-commerce giant, Alibaba, invested in Indian unicorns such as Paytm and Snapdeal. Last year, Alibaba and its financial arm, Ant Financial Services Group, bought a 40-percent stake in Paytm for about $680 million.
A report by Global Times said that China's investments into India had increased six-fold between 2014 and 2015.
The surge in Chinese investments was the result of India easing restrictions on Chinese companies, including favorable tax rates and rent policies for Chinese companies, according to the Economic Times.
The report also said that India is trying to attract Chinese investments in tourism to improve their infrastructure. Chinese companies can also invest in India's rapidly developing hospitality sector. This also includes efforts to attract more Chinese tourists to the country.
The meeting is part of India's campaign to attract investments in the country's tourism industry. Indian tourism posted a 10 percent increase last year, mainly from foreign visitors, while domestic tourism accounted for nearly 20 percent growth.
