21 MoUs to bring in $22 billion
- “A green light has been switched on,” is how one businessman described the interest shown by Chinese businessmen in investing in India following Prime Minister Narendra Modi’s visit and meeting with top CEOs, including Jack Ma of Alibaba and Lin Min of Xiaomi, in Shanghai on May 16.
- At the meeting, followed by a conference of Indian and Chinese CEOs, 21 agreements or MoUs estimated at a total of $22 billion were signed. Funding from Chinese banks ICBC and China Development Bank for Airtel, Adani Power Company and Jindal Steel and Power accounted for the major part of the agreement total, as did tie-ups for renewable energy companies. The Adani Group, in particular, bagged several MoUs for its Mundra port, including a “sister-port” agreement with the Guangzhou Port Authority.
- “I want to tell you to make in India,” Mr. Modi said in his opening lines to the businessmen, adding that as China is the world’s manufacturing base and India runs the “back-offices,” it would be best if the two collaborate on digital commerce. “We are very excited about India, ‘Make in India’ and ‘Digital India,’” said Mr. Ma, the owner of the world’s biggest online commerce company which processed transactions of $248 billion last year. Mr. Ma made two visits to India recently and is finalising plans to set up operations there.
Morsy gets death penalty
- An Egyptian court sentenced the ousted President, Mohamed Morsy, and over 100 others to death on May 16 over a mass prison break during the 2011 uprising that toppled Hosni Mubarak and later brought Islamists to power for the first time in Egypt.
- As is customary in passing the capital punishment, Judge Shaaban el-Shami referred the death sentence to the nation’s top Muslim theologian, or mufti, for his non-binding opinion.
Former Egyptian President, Mohamed Morsy