Shanghai, May 16 (IANS): India is ready to do business and is constantly improving the ease of doing business, Prime Minister Narendra Modi said on Saturday at the India-China Business Forum here that saw 21 business agreements worth $22 billion being signed.

In his address to the India-China Business Forum, Modi said that India offers historic opportunity for Chinese industry.

"You are the factory of the world. We are the back office of the world. Together we can bring about progress and prosperity for both our peoples," he said.

"Twenty-one Business Agreements being signed between #IndiaChina worth USD 22 billion at India-China Business Forum," tweeted the external affairs ministry spokesperson Vikas Swarup.

In his speech, Modi stressed that Indo-Chinese partnership should and will flourish.

"Harmonious partnership between India and China is essential for economic development and political stability of the continent," he said.

"Let us work together in mutual interest and for progress and prosperity of our great countries."

The prime minister said the government has been stressing on encouraging innovation, Research and Development (R&D) and entrepreneurship in the country.

"We want to promote manufacturing in a big way particularly to create jobs for our youth who form 65 percent of our population," Modi said.

"The scope and potential, the breadth and length of infrastructure and related developments is very huge in India," he told the CEOs.