core sector communique

India-Denmark Joint Commission to Address Economic and Commercial Issues – Deputy PM of Denmark meets Anand Sharma

Shri Anand Sharma, Union Minister of commerce and Industry, in his meeting with Ms. Lene Esperson, Deputy Prime Minister and Minister of Foreign Affairs, Denmark, here today welcomed the setting up and commencement of the India and Denmark Joint Commission to address economic and commercial issues. He further added that in addition to the existing Agreements on Bilateral Investment and Protection and Avoidance of Double Taxation, such a mechanism provides a framework for economic and industrial cooperation. He mentioned that a Social Security Agreement has already been signed between the two countries in February 2010.

Interacting with the visiting Minister, Shri Sharma said that bilateral trade between India and Denmark reached US $ 1.083 billion during the year 2009-10, an increase over the quantum of US $ 1.061 billion of 2008-09. Trade consisted of exports worth US $ 580 million and import of Denmark was US $ 503 million in 2009- 10. The principal commodities being exported to Denmark include textiles, cotton yarn fabrics, transport equipment, machinery, drugs/pharmaceuticals/fine chemicals, electronic goods etc. India’s imports from Denmark’s include petroleum crude and products, medicinal and pharmaceutical products, organic chemicals, electronic goods, professional instruments.

As regards the multilateral trade front, Shri Sharma recalled that world leaders have re-affirmed their commitment to an early and balanced conclusion to the Doha Round. “India sees one of the main threats to the revival of trade flows in the rising protectionist pressures and continued delay in concluding the Doha Round. Therefore, strengthening the multilateral trading system by concluding the Doha Round at the earliest is imperative”, Shri Sharma said.

Denmark offers considerable potential for further expansion and growth of trade with India and the thrust areas are IT, telecommunication, biotechnology, food processing, pharmaceuticals. Denmark ranks 28th in Foreign Direct Investments in India. Cumulative FDI inflows from Denmark are U $ 173.12 million from April 2000 to Sept 2010. Top sectors attracting Danish investment are in the sectors of Construction, Transport Industry, Services, Telecommunication, Electrical Equipments etc. Some of the major Indian companies invested in Denmark are Reliance Industries (yarn production), TCS, Suzlon Energy Ltd., Usha Martin and L&T Infotech.