'India has challenges, but you'll never lose on long term bet'

Washington, Sept 15 (PTI) Asking corporate America to invest in India and overlook short-term challenges that they are facing now, the new Indian Ambassador to the US Nirupama Rao assured the top US business leaders that they will not lose a long term bet on their investments. India is a developing economy and an emerging world power. In years to come India would offer huge commercial opportunities and growth of international businesses, Rao said to top business leaders at a reception hosted by US India Business Council (USIBC) yesterday. You need to keep in focus the larger picture of our relationship, which is positive, progressive, she argued. Being a developing country there would also be some challenges, mainly of short-term nature, Rao said acknowledging candidly before the Corporate America, a view point which was presented to her earlier in her meeting with the USIBC board members. I am sure you will decide to invest in India, you will recognise that this is a stable and commercially sustainable story and you would overlook short term challenges that exists. I am not in the business of doing business..., but I know my country well enough to say that you will never lose a long term bet on India, Rao said in her first major public address in Washington after arriving here over a week ago. Rao, who was earlier India's Foreign Secretary, said she is willing to work with them to make Indo-US relationship what President Barack Obama has said the defining moment of the 21st century. The USIBC president Ron Somers said that ties between US and Indian business has never been stronger and USIBC member -companies are constantly perfecting new business models with Indian counterparts to bolster investment and technology ties. The private sector has always led the way in bringing the US and India closer together. Under Ambassador Rao's leadership, USIBC looks forward to accelerating this exciting partnership, Somers said. USIBC's business interaction with Rao, was chaired by its Board Member William S Cohen, who provided Rao with its Way Forward advocacy agenda for the year ahead. In a discussion led by Secretary Cohen, USIBC office bearers highlighted key goals for the business community for the year ahead, including deepening strategic trade in defense and security, growing agriculture and developing models to improve global food security, collaborating more deeply in education at all levels, and expanding trade and investment ties by working towards a Bilateral Investment Treaty and an Economic Cooperation Arrangement between the world's two largest free-market democracies.

===================================

Refrain from South China Sea oil exploration: China to India

Beijing, Sept 15 (PTI) China today asked India and other countries to refrain from oil exploration in maritime areas offered by Vietnam in the South China Sea, claiming that it enjoys indisputable sovereignty there. I would like to reaffirm that China enjoys indisputable sovereignty over the South China Sea and the island. China's stand is based on historical facts and international law, Chinese Foreign Ministry Spokesperson Jiang Yu told a media briefing here without directly referring to India. When pointed out the India's stand apparently was guided by Vietnam's claim that it had rights over the two oil blocks under the 1982 UN Convention on the Law of the Seas, Jiang said China's sovereign rights and positions are formed in the course of history and this position has been held by Chinese Government for long. She was answering questions over reports of ONGC Videsh Ltd plans to undertake oil exploration in two Vietnam blocks in South China Sea which was expected to figure in External Affairs Minister S M Krishna's talks with his Vietnamese counterpart in Hanoi tomorrow. Jiang said she has not heard about the media report in this regard but at the same stated that China's stand claiming rights on the South China Sea is based on historical facts and international law. On the basis of this China is ready to engage in peaceful negotiations and friendly consultations to peacefully solve the disputes over territorial sovereignty and maritime rights so as to positively contribute to peace and tranquillity in the South China Sea area, she said. We hope that the relevant countries respects China's position and refrain from taking unilateral action to complicate and expand the issue. For countries outside the region we hope they will respect and support countries in the region to solve the bilateral disputes through bilateral channels, she said. As for oil and gas exploration activities, our consistent position is that we are opposed to any country engaged in oil and gas exploration and development activities in waters under China's jurisdiction. We hope the foreign countries do not get involved in South China sea dispute, she said. With claims over entire South China Sea, China is having running maritime disputes with host of countries of ASEAN and Japan. China and Vietnam, besides Philippines had a major spat over the issue recently after Chinese maritime vessels stopped exploration activities in the waters they claim as theirs. US is actively engaged in backing the rights of different countries over the waters of South China Sea contesting the Chinese claims and this is the first time India joined the fray. Apparently suggesting to Hanoi to not to engage outside countries Jiang said for countries in the region I would like to emphasise that (they should) properly handle the dispute and enhance regional trust and reduce differences and expand cooperation so as to maintain peace stability over South China Sea in the common interest of all the countries in the region. It is the direction that countries should work together for. Our position is based on long term affective administration. China has been the first to occupy the area, she said. Also the UN convention did not give any country the right to expand their own Exclusive Economic Zone and Continental Shelf to other countries territories, she said adding that the convention did not negate China's consistently claim based on history. Earlier this month a Chinese warship confronted an Indian naval vessel shortly after it left Vietnamese waters in late July in the first such reported encounter between the two navy's in the disputed South China Sea, an incident denied by both the countries. However, Ministry of External Affairs said that India supports freedom of navigation in international waters, including in the South China Sea, and the right of passage in accordance with accepted principles of international law. These principles should be respected by all.