Shanghai, May 17 2015: On a day when India and China inked 26 deals worth more than $ 22 billion, Prime Minister Narendra Modi told CEOs of 22 Chinese businesses: “You are the factory of the world, whereas, we are the back office of the world. You give thrust on production of hardware, while India focuses on software and services....India is ready for business. You must be sensing the winds of change in India. Come and feel the same"
Alibaba Group Founder Chairman Jack Ma responded: “We are excited about India. We are excited about Make in India and Digital India.” Alibaba's B2B portasl has over a million members in India. The company recently picked up a 25 percent stake in Indian mobile commerce platform Paytm, for $ 375 million.
The company is said to be in serious discussion with Indian mobile handset maker Micromax and online retailer Snapdeal to invest in these companies.
Other CEOs of Chinese companies who met Modi included, China Light and Power Chairman Yan Zhiyong, Xiaomi President Lin Bin, Huawei Chairman Sun Yafang and Shangri-La Asia Limited Chairman Kuok Khoon Chen.