Financial Daily from THE HINDU group of publications
Saturday, Aug 07, 2004
Industry & Economy
German machinery body to expand operations in India
Kolkata , Aug. 6
CONSIDERING that the Indian machinery market will grow very fast in the coming years, the German Engineering Federation (VDMA) has decided to expand its operations in India in the sectors of mechanical power transmission and fluid power.
The federation's Indian office is at present located in the city which, incidentally, is one of the three overseas offices of VDMA.
It represents more than 90 per cent machinery manufacturers in Germany.
According to VDMA's Indian office director, Mr Rajesh Nath, German machinery manufacturers have been able to strengthen their business link in India in 2003.
Many German manufacturers now want to have a manufacturing base in the country not only for improving their business in the country but also for exports .
Though the bilateral machinery trade between the two countries is growing fast, this is expected to gain further momentum in the changing international market scenario.
German companies feel that Indian coastal cities are ideally suited for creation of manufacturing facilities, Mr Nath said.
It is pointed out that German companies exported machinery worth about 762 million euros to India in 2003, which is 4.6 per cent more in comparison to 2002.
The predominant sectors were; textile (about 109 million euros), mechanical power transmission (100 million euros), plastic & rubber (62 million euros) and machine tool (55 million euros).
Whereas, the export of machinery from India to Germany attained a value of about 110 million euros in 2003.
The prominent sectors were: mechanical power transmission (24 million euros), armature & fittings (13.5 million euros), precession tools (13 million euros) and textile (12 million euros).
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