BEIJING: Wenzhou, one of the richest Chinese cities, has launched the India China Economic and Cultural Centre (ICECC) to promote investments in India.

Over 120 leading entrepreneurs from Wenzhou who are looking at investing in India attended the ceremony held by the municipal government.

A total of 10 MoU’s were signed between leading companies from Wenzhou and their Indian counterparts to promote trade, investments and cultural cooperation with India in 2016,┬áIndian Consulate General in Shanghai Prakash Gupta said.

It was also decided that under the aegis of the ICECC, which will be exclusively channelising all Wenzhou’s activities towards India, an ‘India Culture Week’ would be organised in mid June 2016 in Wenzhou, during which an Indian food festival, a film festival will be held, Gupta said in a statement.

The core strengths of Wenzhou’s small and medium industry include textile machinery, electronic goods, switches and electrical products, which also have a huge potential in India.

Several Wenzhou manufacturers are also planning to set up manufacturing units in India in 2016.

President of Zhejiang Federation of Industry and Commerce (ZFIC) Nan Cunhui who heads the Wenzhou-based Chint Group plans to invest $1.6 billion in India.

Similarly, another leading group from Wenzhou, the Aokang Group, which is into leather, real estate development and textile machinery is also looking at investing in India, its President Wang said.

Yalong Group, one of China’s leading group for technical training equipments, signed an MoU with a Rajasthan-based institution for supplying technical training equipment to further improve the skill set of youth in Jaipur.

Wenzhou located in the south east of Zhejiang province is one of China’s richest cities famous for its legendary entrepreneurial spirit, with its entrepreneurs spread globally having invested in nearly 131 countries.