After China created barriers in taking back his money invested there, billionaire investor Mark Mobius tells people that India is the best alternative for investment.
International
oi-Prakash KL
In
a
statement
that
clearly
indicates
that
investors
are
preferring
India
as
an
alternative
to
China,
billionaire
investor
Mark
Mobius,
founder
of
Mobius
Capital
Partners,
has
complained
that
China
is
not
letting
him
take
his
money
out
and
claimed
that
his
preferred
option
for
investment
is
India
now.
“I’m
personally
affected
because
I
have
an
account
with
HSBC
in
Shanghai.
I
can’t
get
my
money
out.
The
government
is
restricting
the
flow
of
money
out
of
the
country,”
Mobius
told
FOX
Business
host
Maria
Bartiromo.
“So
I
would
be
very,
very
careful
investing
in
China,”
he
said.
How
is
Beijing
troubling
him?
He
said
that
China’s
economy
is
heading
in
a
different
direction
than
its
former
open-minded-market
revolutionary
leader
Deng
Xiaoping.
“Now
you
have
a
government
which
is
taking
gold
in
shares
of
companies
all
over
China.
That
means
they’re
going
to
try
to
control
all
these
companies,”
he
stated.
“So
I
don’t
think
it’s
a
very
good
picture
when
you
see
the
government
becoming
more
and
more
control
oriented
in
the
economy,”
Mobius
claimed.
Beijing
made
a
“very
significant”
effort
to
allegedly
prevent
Mobius
from
removing
capital
from
Chinese-based
stocks.
“I
can’t
get
an
explanation
of
why
they’re
doing
this.
It’s
just
amazing.
They’re
putting
all
kinds
of
barriers,”
he
added.
“They
don’t
say,
‘No,
you
can’t
get
your
money
out,’ but
they
say,
‘Give
us
all
the
records
from
20
years
of
how
you’ve
made
this
money,’
and
so
forth.
It’s
crazy.”
India
best
alternative
to
China
According
to
him,
India
is
the
best
alternative
for
investment
along
with
Brazil.
“You’ve
got
a
billion
people,
they
can
do
the
same
thing
that
the
Chinese
do.
They
can
do
the
same
kind
of
manufacturing
and
so
forth,”
he
continued.
“I’m
now
in
Brazil,
and
Brazil,
you’ve
got
250
million-plus
people,
very
good
people,
open
society.
Hey,
why
not
come
here?
It’s
another
alternative.”
His
comments
come
days
after
the
American
Chamber
of
Commerce
in
China
said
that
a
majority
of
US
companies
are
not
seeing
China
as
the
top
three
investment
priority.
Last
month,
Mobius
in
an
interview
with
Money
Control
said
that
investors
will
profit
more
in
India
than
in
other
equities
markets
given
the
optimism
regarding
India’s
future
growth
trajectory.
“Growth
rate
in
India
is
superior
to
most
countries
around
the
world
and
it
can
also
be
sustained
in
the
long
run
on
the
back
of
the
positive
impact
from
the
shift
from
China
to
India
in
terms
of
software
and
production,
supported
by
the
massive
technology
change,”
Mobius
had
said.
Why
India?
Also
in
an
article
written
in
2022,
he
had
claimed
that
India
will
be
taking
greater
market
share
from
China
in
terms
of
manufactured
exports
over
time.
“Additionally,
India’s
exports
of
software
continue
to
do
very
well.
Perhaps
one
of
the
main
reasons
for
India’s
continued
high
growth
rate
is
the
fact
that
it
is,
and
will
remain,
one
of
the
youngest
nations
on
the
earth
and
will
be
the
home
of
more
than
1
billion
Internet
users
by
2025.”
“The
average
Indian
consumer
will
become
wealthier
and
due
to
the
richness
of
Indian
cultural
diversity,
will
have
extremely
broad
and
varied
consumption-preference
scopes.
The
number
of
Indian
families
moving
into
the
middle-income
bracket
continues
to
increase.
Therefore,
spending
on
essential
consumption
categories
such
as
food,
beverages,
apparel,
transport,
housing,
and
personal
care
will
dramatically
increase,
while
spending
on
services
such
as
healthcare,
education,
and
entertainment
will
grow
even
faster,”
he
wrote.
