India is ready to approve 45 investment proposals of China which are likely to include Great Wall Motor and SAIC Motor Corp. According to the government sources, since the beginning of the withdrawal of the Chinese army and the possibility of ending military tension on the disputed border between the two countries, the steps of approval of investment in a strategic and indicative manner have been taking place.
According to sources, the government plans to divide more than 150 proposed Chinese investments into three categories for national security. The proposals have been stuck since last year after India tightened control on Chinese investment in retaliation against Chinese troop infiltrations in the Ladakh region.
150 investment proposals of $ 2 billion of China
Since then, nearly 150 investment proposals of more than $ 2 billion from China were stuck. Ministry of investment companies from Japan and US routes through Hong Kong were stopped. According to sources, out of the 45 proposals for preliminary approval, most are in the manufacturing sector, which is considered to be non-sensitive in terms of national security.
Great Wall Motor and SAIC Motor Corp Joint Project
Great Wall Motor and SAIC Motor Corp made a joint proposal last year seeking consent for the Chinese automaker to buy the American company’s car plant in India, with an investment of around $ 250- $ 300 million.
According to sources, the government plans to divide more than 150 proposed Chinese investments into three categories for national security. According to sources, sectors such as automobiles, electronics, chemicals, and textiles are seen as non-sensitive while data and finance-related investments are considered sensitive.
According to sources, proposals for non-sensitive areas will be swiftly approved, while those seen as “sensitive” will be reviewed later. Obviously, India is stepping into the changed circumstances.
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