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India’s bilateral investment pacts happen to be “restrictive” while China is emerging as a major force when it comes to overseas investments, Niti Aayog Vice-Chairman Arvind Panagariya said today.
“China is now emerging as a provider of outward investment. It is looking out to set rules for outward investment...Our own bilateral investment treaty happens to be rather restrictive,” Panagariya said addressing the International G20 Conference organised by ICRIER here.
According to Chinese government data, in January-April 2016, Chinese investors made direct investment overseas in 3,434 enterprises of 150 countries and regions. The direct investment overseas amounted to RMB 391.45 billion (equivalent to $60.08 billion, up 71.8 per cent year-on-year).
Last month, the US Deputy Assistant to the US President and Deputy National Security Advisor for International Economics, Adewale (Wally) Adeyemo, had blamed India for not being ambitious enough to conclude a Bilateral Investment Treaty (BIT).
“To be frank, we are far apart on a number of issues with regard to trade and investment with India. We feel our colleagues in India have not been as ambitious (on concluding BIT) as we want them to be but we remain open,” Adeyemo had said here at a session on India-US Economic Relations.
In December last year, the Cabinet had approved the revised model text for the Bilateral Investment Treaty (BIT) with a view to enhancing protection of foreign investors in India as well as Indian investments abroad, but taxation matters will remain out of its ambit.
Elaborating on the issues to be discussed in the forthcoming G20 meet scheduled for next month in China, Panagariya said five sessions are expected to be held at the leaders’ level.
The first session would be on the growth agenda and the Chinese presidency has added investment as a new dimension to it, he noted.
Besides, he said, the other issues that would figure in the meet are climate change and climate financing, the refugee crisis and terrorism financing.
Panagariya said issues pertaining to the jobs market as well as those related to agriculture development would also be discussed at the meet.
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