Shri Kamal Nath, Union Minister of Commerce and Industry, has welcomed the keen interest of German small & medium sized companies for seeking investment opportunities in India.
While welcoming Mr. Peter Harry Carstensen, Chief Minister of the German Federal State of Schleswig-Holstein, who called on him, the Commerce Minister appreciated the keen interest of the delegation to enhance bilateral relations with his State and India with a particular emphasis on trade and economic cooperation.
“The present visit of business delegation mainly from German Mitelstand (SMEs) led by Mr. Peter Harry Carstensen, is very timely as this is one area in which interaction between the two countries needs to be intensified and SME links should be strengthened”, the Minister observed.
Senior officials from the Ministry of Commerce and members of business delegation from the German State of Schleswig-Holstein were present at the meeting.
Shri Kamal Nath hoped that the State of Schleswig-Holstein would take advantage of India's investor-friendly climate and German companies would show greater engagement with India especially in the sectors of infrastructure, information technology, bio-technology and automobile industry etc.
The bilateral trade with Germany has been increasing over the past 3 years. During 2004-05 the bilateral trade was US $ 6841 while during 2005-06 it reached a level of US $ 9610 million. During 2006-07, the trade resulted in a significant jump to touch US $ 16654 million.
The main exports to Germany are machinery & instruments, drugs, pharmaceuticals, electronic goods and leather footwear while the imports from Germany include transport equipments, electronic goods, iron & steel, organic chemicals and machine tools etc.
In the comparative list of countries for FDI approvals, Germany ranks 5th during the year 1991-92 to April-March 2007 with an investment of US $ 2.79 billion.
Press Information Bureau Government of India
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