The Prime Minister Narendra Modi at the press briefing with President Xi Jinping of China said, "A climate of mutual trust and confidence; respect for each other's sensitivities and concerns and, peace and stability in our relations and along our borders are essential for us to realize the enormous potential in our relations."

"If we achieve that, we can reinforce each other's economic growth. We can contribute to peace, stability and prosperity in our region. And, we can give new direction and energy to the global economy," the Indian Prime Minister said.

Narendra Modi said, "We agreed that our economic relations do not do justice to our potential. I expressed concern at the slowdown in trade and the worsening trade imbalance. I sought his partnership in improving market access and investment opportunities for Indian companies in China. President Xi assured me of his commitment to take concrete steps to address our concerns."

India has invited Chinese investments in India's infrastructure and manufacturing sectors, Modi said. The Prime Minister has also discussed new policies and administrative steps in this area with the Chinese counterpart.

"I am pleased with the agreements on two Chinese industrial parks in India and a commitment to realize about USD 20 billion of Chinese investments in the next five years. This opens a new chapter in our economic relations," Modi said.

India and China have also agreed on specific steps to enhance cooperation in upgrading India's railways sector. Both countries will begin the process of discussions on civil nuclear energy cooperation that will bolster our broader cooperation on energy security.

"I welcome our five year economic and trade development plan as an important new step to pursue higher ambitions in our economic relations," Modi said.