9:49 pm - Tuesday June 18, 2024

Narendra Modi woos investors at Hannover Messe, seeks strong India-Germany ties

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Hannover: Promising a stable business environment, Prime Minister Narendra Modi on Sunday wooed German investors saying opportunities in India are “seamless” and huge for a vibrant economic partnership.
Inaugurating the Hannover Messe, a business fair, with German Chancellor Angela Merkel, the Prime Minister said India is working on a “predictable and transparent” environment to open up investments.
“We are creating an environment that is stable, where rules will not be changed frequently and there will be no surprise elements,” he said.Strongly pitching for his ‘Make in India’ campaign, he said it was not a “slogan or a brand, but a new national movement”.
Describing Germany as a “valuable partner”, Modi said the two countries share a close and warm relationship that has grown in depth and diversity.
“India is open and ready to embrace the whole world,” he said while noting that there was a new level of interest among countries for partnership with India for enhancing trade, investment and in a host of other areas.
Modi’s address was preceded by a cultural extravaganza where an animated lion depicted the ‘Make in India’ logo, drawing laud applause from the big gathering.
Modi said the lions are a “symbol of new India” carring the message of frienship and promise of partnership.
Welcoming the Prime Minister, Merkel said Germany was ready to give a new dimension to partnership with India.
Noting that cooperative federalism existed in Germany like in India, she said sincere efforts will be made to bolster trade on all fronts.
At the same time, she underlined the need to speed up innovations.
Earlier in Sunday evening, Modi met top German business leaders in Hannover and told them about steps being taken by his government to ensure the ease of doing business in India.
Modi, who reached Hannover in north Germany from Paris, held a roundtable meet with CEOs from leading German companies like Daimler, Bombardier, Voith and Metro AG, on the first day of his three-day visit to the country. About 15 CEOs attended the meet followed by one-on-one meetings with Modi.
The Prime Minister told them he has already taken steps to ensure doing business is easy in India and has identified around 80-90 things in this regard, sources said.
Giving an assurance to them, he said he was personally monitoring implementation of these steps. Later speaking at another function, Modi said India presents vast opportunities as it was modernising and developing.
He particularly referred to opportunities in areas of manufacturing, infrastructure development, Ganges cleaning and solid waste management.
“Business is 1st in order of priority PM @narendramodi assisted by @CimGOI engages with German business leaders,” tweeted External Affairs Ministry spokesperson Syed Akbaruddin.
“Movers & shakers of German economy/industry meet with PM,” Akbaruddin tweeted.
Modi was accompanied by Commerce and Industry Minister Nirmala Sitharaman.
The Prime Minister also praised German innovation and excellence in manufacturing.
The overall exchange of goods and services between the two countries was valued at around around 15.96 billion euros last year, a drop of 1.14 billion euros from the level of 16.10 billion euros registered in 2013.
While India’s exports to Germany rose marginally to 7.03 billion euros in 2014, its German imports dropped to 8.92 billion euros from 9.19 euros in the previous year, according to the Federal Statistical Office.
Germany is the 8th largest foreign investor in India. Its foreign direct investments in India during January-November 2014 was valued at around $995.7 million.
More than 1,600 Indo-German collaborations and around 600 Indo-German joint ventures are currently in operation.
In France Modi projected India as a land of “immense opportunities” and invited investments and technology from across the globe.
Modi said he wants countries to compete among themselves in terms of doing business in India, contending that it will be beneficial for not only India but the entire world.

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