India Germany to Surpass Trade Target of EURO 20 Billion
Anand Sharma Meets German Economics & Technology Minister
The Union Minister of Commerce Industry and Textile Shri Sharma informed that the bilateral trade between India and Germany has more than doubled over the last 5 years to reach nearly US$ 23.64 billion last year. After a bilateral meeting with Dr. Philipp Roessler, German Federal Minister of Economics & Technology of Germany in Berlin today, Shri Sharma expressed confidence that the trade target of Euro 20 Billion by 2012 will be surpassed. Prime Minister Manmohan Singh in his opening statement at Joint Press Interaction in Berlin in December 2010 said “German excellence in the manufacturing and infrastructure sectors is well known. We welcome the steady growth of German investments in India. Despite the economic downturn, we are hopeful that the target of achieving bilateral trade of 20 billion Euros by 2012 will be achieved” Shri Sharma said today “Our leaders had set for a target of Euro 20 Billion by 2012 and, I am confident that we will surpass their expectations.”
India asked for better collaboration between India and Germany in the field of generics. After the meeting Shri Sharma said “generics constitutes just about one-fifth of German pharmaceutical industry, but the recent moves of German Government to promote the use of generics affords enormous opportunities of collaboration with Indian Pharma companies, which have acquired global repute in developing affordable generic medicines.” Both Ministers reviewed the economic and commercial relations between India and Germany. They discussed issues relating to bilateral trade and investments and suggested ways of expanding these linkages. Following the bilateral meeting, Minister Shri Anand Sharma and Minister Dr. Philipp Roessler joined the meeting of German and Indian CEOs. The Minister congratulated the German Minister on the successful organization of the on-going German Year in India. The year of Germany in India, titled ‘Germany and India: Infinite Opportunities 2011-2012 was launched in September 2011, will end in November 2012. The two Minister will be inaugurating ‘Days of India’ in Germany at the Hamburg Port Festival on May 11, 2012. The Days will begin in May 2012 and will end in March 2013. “This is indeed a splendid way of commemorating the 60th Anniversary of establishment of diplomatic relations between India and Germany” said Shri Sharma.
Speaking on the areas of collaborations, Shri Sharma pointed out “Small and medium enterprises which form the backbone of Indian industry, employing 26 million people, contributing to 45% of our manufacturing output and 40% of total exports would benefit immensely through a technology collaboration with Germany.”
Speaking on mutual investments Shri Sharma said that there are more than 1600 Indo-German collaborations and over 600 Indo-German joint ventures in operation. BMW has emerged as one of the largest selling luxury cars in India. Indian corporate leaders have been equally enthusiastic about investing in Germany, given the welcoming investment climate and the natural synergy which exists between the two countries. “Indian corporate entities invested over US$ 6 Billion in Germany. Indian industry majors such as Tata Motors, Bharat Forge, Suzlon and the Mahindras group,Wipro, Infosys have all established their base in Germany. There are 215 Indian companies active in Germany employing over 24,000 people” Added Shri Sharma.