German minister in India looking for trade boost

29th August 2006, Comments 0 comments

29 August 2006, NEW DELHI - German Economics Minister Michael Glos emphasized relations of small- and medium-sized businesses after his arrival in New Delhi on Tuesday with a high-powered business delegation to meet with Indian government officials.

29 August 2006

NEW DELHI - German Economics Minister Michael Glos emphasized relations of small- and medium-sized businesses after his arrival in New Delhi on Tuesday with a high-powered business delegation to meet with Indian government officials.

Both Glos and Indian Trade Minister Kamal Nath spoke of strengthening contacts between smaller firms in both German and India, with Nath saying India was also interested in being a outsourcing location for such firms.

Speaking with Nath and Defence Minister Pranab Mukherjee for a celebration of the 50th anniversary of the Indo-German Chamber of Commerce, Glos said he wanted his visit to contribute to Indo-German trade's breaking the 10 billion euro barrier.

"I am very optimistic that this meeting today will be a milestone," he said.

Trade between India and Germany has reached record highs with German exports rising in the first half of 2006 by 43.7 per cent over the same period a year earlier to 2.84 billion euros (3.6 billion dollars) while imports from India were up 32.8 per cent to 2.13 billion euros.

Germany now ranks among the 10 most important trading partners of India, and Glos predicted that overall bilateral trade would exceed 10 billion euros this year.

Glos began his six-day trip in Malaysia, where he lobbied for Asian investment in Germany. "The German economic motor is no longer sputtering," he said Monday in Kuala Lumpur.

Glos was scheduled to travel Wednesday to Mumbai before returning to Germany on Thursday.

DPA

Subject: German news

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