We do not want much investment from China, our focus is on increasing trade with developed countries- Piyush Goyal
New Delhi| Union Commerce and Industry Minister Piyush Goyal said on Friday that till now not much investment has come into India from China and the government is also not in favor of bringing any big investment from China. He said, our effort is to connect India’s economy with those developed countries which believe in fair trade and where we get equal opportunity for trade and investment.
Addressing the Carnegie India World Technology Summit, Goyal said, everything will be based on mutual trust, mutual benefit and equality. Goyal mentioned the changes in the global trade system due to the tariffs imposed by US President Donald Trump. He said, he does not see any major problem in this, but this change is beneficial for the world.
The Union Minister further said, India will protect its interests. For us, India comes first. Whatever is in our interest, we will change our policies accordingly. At present hardly any foreign direct investment (FDI) is coming from China to India. This has been the case over the past 25 years. Even when roads were open to China, not much investment came into India. At present we are not even encouraging any big investment from China. This is our current policy.
He said, our effort is to connect our economy with developed countries, which believe in fair trade, honest trading methods and where we get equal opportunities to trade and invest. Everything will be based on mutual trust, mutual benefit and a spirit of transaction. So I don’t think it will cause a major crisis, except for a short period of instability. I believe that the changes that are taking place in the world are really good for the whole world.
US President Donald Trump on April 9 imposed a temporary 90-day tariff on countries that are involved in trade talks with the US. During this time only 10% will be levied on these countries. But on China they imposed tariffs of up to 145%. In response, China also imposed retaliatory tariffs.
