Chinese President Xi Jinping  is set to visit India for the first time in late September bringing with him a multi-billion dollar economic deal by way of investments and business agreements to be signed by the two nations.

Chinese investments worth $5billion as well as another $ 700 million will help India in narrowing its trade deficit with China which has reached about $35 billion in 2013-2014.

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The $5billion agreement includes setting up industrial parks in India while the $700 million will be channeled to a few purchasing pacts with domestic companies.

Several important agreements are also set to be signed by the two countries. These are in aviation, infrastructure and railways.

President Xi Jinping will visit India on September 17 and will start his three-day official tour from Ahmedabad.

China has proposed to build an industrial park in Gujahrat and Maharashtra. The President is envisioning an industrial park that is likely to manufacture high-end electronic goods.Chinese companies are expected to invest about $US5billion for these parks.

Several Chinese companies are likewise expected to sign purchasing agreements with Indian companies  to buy products such as seafood, copper cathode, industrial salt, cotton yarn and polypropylene during the President's visit.

India has asked for a greater market access in China for its products During the visit, about two dozen Chinese companies are likely to sign purchasing agreements with Indian firms to buy products such as copper cathode, sea food, cotton yarn, industrial salt and polypropylene.

India is also asking China to grant them more market access to products like tobacco, oil seeds, bovine meat, oil cakes, pharmaceuticals and agricultural produce.

Indian Commerce Minister Nirmala Sitharaman said the economic issues had been discussed during her recent visit to China.

According to the Minister, India wants to sell fruits and vegetables to China like beans, okra, grapes, mangoes, capsicum, cucumber. cabbage, papaya, guava, and  bitter gourd among others.India also wants duty reductions in several products.