ICBC helps investors abroad

Such expansion will benefit from the improvement in bilateral relations and economic cooperation ever since Modi came to power in 2014, he said.

India plans to quadruple its renewable power capacity to 175 gigawatts by 2022, which means there is a tremendous scope for power generation, transmission and distribution. It is looking to build new homes for more than 50 million families by the same year, and Modi has also launched initiatives for developing smart cities.

Governments at the central and state levels in India are taking steps to streamline procedures for foreign investors to do business in India.

Approvals for projects, especially mega project investments, are fast-tracked via single-window clearance facilities.

In Maharashtra, a province located along the western coast of India with two capitals in Mumbai and Nagpur, the number of permissions for projects has been reduced. Investors can get factory licenses in three days flat and construction permits would materialize in 15 days now, a far cry from the days when they used to take 162 days.

Devendra Fadnavis, chief minister of Maharashtra, has set a target of $160 billion in investment in the province during the next five years.

Vikram Kumar, joint chief executive officer of Maharashtra Industrial Development Corporation, the premier industrial infrastructure development agency of the state government, said: "We want this investment in different sectors like automobiles, engineering and retail. China is our top destination for the move."

Several Chinese companies, including Beiqi Foton Motor Co Ltd, a top Chinese manufacturer of commercial vehicles, and Sany Group Co Ltd, one of the country's largest heavy machinery manufacturers, already have a presence in India.

Gao Yonghong, international marketing director of Sany Heavy Industry Co Ltd, a unit of Sany Group, said: "We are exporting our products made in India to Africa and the Middle East. We have established our largest overseas training base in India and will make further investment in the country."

But not all companies have a smooth sailing in India. In 2011, Beiqi Foton Motor registered its sales and manufacturing companies in the country, and decided to build its factory in Pune. But, it is still waiting for approval for construction.

Xu Xinsheng, director of Beiqi Foton Motor's India operations, said the target is to build a comprehensive industrial park that not only concentrates on auto equipment manufacturing but also has the functions of a smart city.

He noted that India has advantage over China in terms of geographical location, cost of logistics and delivery time. So, Beiqi Foton Motor will use India as a production base to export to West Asia, Southeast Asia and North Africa.