Beijing: India and China will sign several business agreements worth about USD 10 billion at the India- China Business Forum to be addressed by Prime Minister Narendra Modi in Shanghai on Saturday, May 16.

Official sources told PTI that agreements worth about USD 10 billion will be signed at the event which will be attended by heads of a number of Indian and Chinese business houses. Modi, who will leave Beijing for Shanghai on Friday night will meet CEOs of top Chinese business houses in Shanghai on Saturday.

Earlier, Indian Ambassador to China Ashok K Kantha had said that the two countries "agreed on a close developmental partnership during Chinese President Xi Jinping's visit to India and Modi's visit will delineate on how to take forward the bilateral economic engagement."

"We expect more than 20 business agreements to be signed in Shanghai during the visit," the Indian envoy had said. The Indian envoy, however, did not elaborate on the business agreements likely to be signed. Several others areas ranging from cooperation between provinces, cities, skill development, disaster management, smart cities and outer space will see concrete progress which will take forward the relations in a "fairly comprehensive manner", Kantha had said.