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Reiterating that there is sufficient room for the two neighbours’ development, Xi underlined that this is an important period for strategic opportunities.
Xi made the remarks during a meeting with Indian prime minister Manmohan Singh on the sidelines of the BRICS Summit.
Both countries are on a historic mission as the world’s two largest developing economies, said Xi.
In 2010, India and China set a target to reach $100 billion in bilateral trade by 2015.
China regards its ties with India as one of the most important bilateral relationship, the new president of China asserted.
India is looking to gain Foreign Direct Investment (FDI) from China to increase the share of manufacturing in the economy from 16 per cent to 25 per cent by 2022.
Dr S Jaishankar, India’s ambassador to China said in February that Chinese companies should take advantage of India’s goal to increase manufacturing and stressed that the country would welcome Chinese investment.
Xi in his meeting with the Indian prime minister also urged for stepping up military exchanges and army cooperation between the two rising Asian giants.
India and China have agreed to hold their first joint military exercise in five years and to expand exchanges between their Armies, Navies and Air Forces.
The decisions were made at the fifth annual defence dialogue which took place in New Delhi in January this year.
The Chinese president in Durban emphasised on the need for economic dialogue between the two countries to boost large-scale infrastructure projects.
Xi also called for enhancing people-to-people exchanges and cooperation, and broadening youth exchanges.
Singh was quoted by Xinhua as saying that, his country, which adheres to an independent foreign policy, will not be used as a tool to contain China.
He added that India is willing to make concerted efforts with China to show the world that they are cooperative partners instead of rivals.
TBP with inputs from Xinhua