Germany keen to supportIndia's economic growth

6th October 2004, Comments 0 comments

6 October 2004 , NEW DELHI - German Chancellor Gerhard Schroeder said in New Delhi Wednesday that India's rapid economic growth made it an attractive destination for German investors. The chancellor, who is on a two-day state visit to India, was addressing Indian and German businessmen, executives and officials at a meeting of the Indo-German Economic Forum. Schroeder ascribed India's rapid growth to economic reforms and said that the process would surely move forward under prime minister Manmohan Singh. T

6 October 2004

NEW DELHI - German Chancellor Gerhard Schroeder said in New Delhi Wednesday that India's rapid economic growth made it an attractive destination for German investors.

The chancellor, who is on a two-day state visit to India, was addressing Indian and German businessmen, executives and officials at a meeting of the Indo-German Economic Forum.

Schroeder ascribed India's rapid growth to economic reforms and said that the process would surely move forward under prime minister Manmohan Singh.

The meeting was organised by the Confederation of Indian Industry (CII), the Federation of Indian Commerce and Industries (FICCI) and the Indo-German Chamber of Commerce.

Schroeder, who is accompanied on this trip by executives from 22 German companies, said India was an attractive investment prospect and particularly mentioned the insurance, infrastructure and building societies.

He said bilateral trade between India and Germany, which now stood at about USD 5 billion (EUR 4.07 billion) per year, should double to more than USD 10 billion by next year.

He also emphasised the importance of medium-sized industries and said there was a need to reduce red tape for these players.

Shroeder said one reason for the slow growth of bilateral trade was the manner in which national and bureaucratic decisions were taken. He stressed the need for a fast and efficient public administration.

Schroeder inaugurated the Global Business Park of Giesecke & Devient, one of the world's leading currency manufacturers, in Gurgaon, on the outskirts of the Indian capital, and the "Science Circle", a network of Indian and German scholars and research institutions.

A memorandum of understanding for enhanced cooperation in science and technology between India's Department of Science and Technology and Germany's Max Planck Institute was signed in the presence of the German chancellor and India's junior minister for science and technology, Kapil Sibal.

According to India's minister for commerce and industries, Kamal Nath, Germany has emerged as the sixth largest foreign investor, with approvals of about USD 2.5 billion  and an actual inflow of over a billion dollars. In terms of total collaborations approved, Germany is second only to the United States.

Nath said German firms were known for their excellence in technical areas and engineering and if this combined with German investment, he saw tremendous scope for cooperation in infrastructure at all levels.

Schroeder will hold talks with Indian President A.P.J. Abdul Kalam, Prime Minister Manmohan Singh and other senior ministers Thursday. This will be his first meeting with leaders of India's United Progressive Alliance government that came to power in the April/May general election.

Indian officials said Schroeder's talks with Indian leaders Thursday would cover regional and global developments and provide an occasion to reiterate their shared position on the need for reform of the United Nations Security Council.

DPA

Subject: German news
 

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