SEA sets up $5 billion China India Development Fund for infra projects.

Chinese Premier Xi might have visited Ahmedabad hardly a couple of months back. But, talk of Chinese business interests in Gujarat, the ball has already been set in motion with the establishment of the $ 5 billion China India Development Fund (CIDF) by the Shanghai Entrepreneur Association (SEA) in partnership with China India Trade & Investment Centre (CITIC).

The SEA, established in 2008, comprises leading companies in various fields like Fusun Group, Shan Shan Group, Pengxin Group, Green Land Group, 3S Airlines, apart from many other chambers and entrepreneurs.

According to a statement from the CITIC, the core entrepreneurs of SEA have a net worth of $1,000 billion. Jagat Shah, secretary general of CITIC said, 'The CIDF has been launched in Ahmedabad for highways, smart cities and rail projects by a group of Chinese business houses. This group had met Prime Minister Narendra Modi during Xi’s visit to India. While the net worth of these Chinese business houses is around $ 1,000 billion, to start with CIDF plans a fund of $ 5 billion for India, of which around $ 1 billion is for Gujarat.'

CITIC will be the Indian partner in the CIDF, and it has around 140 member companies at the moment.

BS