Financial Daily from THE HINDU group of publications
Friday, May 05, 2006
Financial Daily from THE HINDU group of publications Friday, May 05, 2006 |
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Industry & Economy
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Foreign Trade EEPC hopes to double exports to Germany in 3 years Our Bureau
Kolkata , May 4 The total business generated through Indian companies' participation in the five-day Hannover Messe 2006 fair has been put at $1.3 billion. Briefing newspersons here on Wednesday on the outcome of India's participation, said to be the largest by any partner country in the history of the fair, Mr Rakesh Shah, Chairman, Engineering Export Promotion Council (EEPC), said enquiries to the tune of $100 million, nearly 18 per cent of the country's total engineering exports to Germany ($545 million in 2004-05), have been made. Mr Shah said the engineering sector, with an export basket of over $19 billion in 2005-06, was among the most vibrant export sectors. Pointing out that the current export of engineering items and services from India to Germany was around $545 million, he said, "I am confident that this could be doubled in the next three years to $1,090 million."
FDI from germany to rise
The EEPC chief was optimistic that FDI from Germany into India would multiply after the Hannover Fair 2006 in which 343 Indian engineering companies showcased their technological skills. A large Indian contingent representing the SME sector, said to be the growth engine of the Indian engineering industry, had participated in the fair. Mr Shah said India's burgeoning auto components industry had recorded an explosive growth and exports are expected to reach $25 billion by the end of the decade. Sounding optimistic about German companies in India expanding their operations and making India the manufacturing hub of the future, he said Volkswagen was contemplating substantial investments in India.
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