NEW DELHI - Chinese Premier Wen Jiabao began a visit to India on Wednesday, pledging to improve economic cooperation and insisting the world was big enough for both Asian giants to prosper as partners.

"China and India are partners for co-operation, not rivals in competition. There is enough space in the world for the development of both China and India," Wen told business leaders at the India-China Business Cooperation Summit in New Delhi.

Chinese Premier Wen Jiabao waves as he attends the India-China Business Cooperation Summit in New Delhi December 15, 2010. [Photo/Agencies]

"The fast economic growth between China and India has been an important engine for the world economy."

Wen also said Chinese companies would sign deals with Indian firms worth more than $16 billion ranging from power equipment to telecoms gear.

Wen's visit is the first by a Chinese premier in five years and he brings with him more than 300 business executives. 

Wen announced more Chinese investments in India  and also asked India to ease restrictions on investments, capital flows and the movement of people.

China is now India's largest trade partner and two-way trade reached $60 billion this year, up from $13.6 billion in 2004.

After Wen's Dec. 15-17 visit he travels straight to Pakistan for another two nights.