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Chinese Premier Wen Jiabao arrived in New Delhi on Wednesday on a three-day visit which he said was to promote friendship and expand cooperation between the two countries that have seen comprehensive and rapid progress.

Immediately after his arrival, Mr. Wen said, “My current visit is aimed at promoting friendship, expanding cooperation, building on our past achievements and opening up new dimensions for mutual benefit and common development of the two countries.”

China and India are connected by mountains and rivers and enjoy a traditional friendship dating back more than 2,000 years, said Mr. Wen, adding that this year marks the 60th anniversary of diplomatic ties between the two neighbours.

“China-India relations face major opportunities and enjoy broad prospects,” the Chinese premier said in a statement, adding that the friendship and cooperation between the two sides have seen comprehensive and rapid progress.

As many as 45 banking and investment MoUs between Indian and Chinese banks and firms would be signed during Mr. Wen’s visit.

Those signing the MoUs include Reliance Power with Shanghai Electric, ICICI Bank with China Development Bank, Essar Group with China Development Bank, IDBI with Bank of China, Adani Power with Shandoung Tiejun Electric, Vedanta Aluminium with China Aluminium International and Lupin Ltd with China Meheco Traditional Medicines.

CEOs and senior functionaries of companies like Shandong Tiansheng Coal Mining Equipment, China International Water and Electric Corp and Taishan Construction Machinery are accompanying the Chinese Premier for exploring business opportunities in India.

Mr. Wen will address a meeting of India Inc on Thursday where the CEOs from companies with interest in China would be present.

Industry body Ficci is organising a separate sectoral meeting of the pharmaceutical companies of the two countries.

The trade imbalance for India to the extent of $19 billion in 2009-10 and $16 billion in the first 10-months of the current fiscal arises out of the composition of the country’s exports basket.

As much as 70 per cent of India’s exports comprises raw material like iron ore, cotton and chemicals.