The Hindu Business Line : `Immense scope to boost trade with European Union'

The Eastern Region arm of the European Union India Facilitation Desk (EUIFD), under the € 13.3 million (Rs 78 crore) EU-India Trade and Investment Development Programme (TIDP), was formally launched here today at a workshop on "FDI: Role if TIDP".

The TIDP programme, funded by a € 12.7 million contribution from the European Union and € 0.6 million from the Government of India, has been conceived to improve trade and investment ties between India and Europe.

Speaking at the opening session of the workshop, Mr A. Sahasranamam, Advisor-TIDP, said the objective was to assist India in creating an environment that encouraged trade and investment, and thereby carve out a strategic partnership between European and Indian companies, particularly in the SME sector.

He said TIDP has been developed by the European Commission on behalf of the EU, in partnership with the Department of Commerce, Government of India, and in close coordination with the relevant Union ministries and their field organisations.

The overall project structure is under the supervision of a Steering Committee comprising representatives of EU, Government of India and beneficiaries of the programme.

He said although EU was an important trading partner of India, the country's share of total EU trade was still quite small at just under 1.5 per cent.

Citing the large untapped potential for Indo-European business development, he said while the EU accounts for 25 per cent of India's FDI approvals and 13 per cent of actual flows, it makes up less than 0.02 per cent of EU's total FDIs. Bulk of the SMEs in EU are still not aware of the business opportunities in India, and the key task of the India-EU IFD was to fill this trade gap.

The national desk of the IFD and its four satellite desks at the four metros will function as a single point contact window for all EU businesses which need to know everything about Indian regulations and other procedures related to foreign investment.

Giving an overview of the IFDs under TIDP, Mr Amrit Pandurangi, ED, PricewaterhouseCoopers (PwC), said it was a kind of joint arrangement in eastern India between PwC and FICCI Eastern Regional Council, working together to make EU investment decisions happen. He said besides networking with relevant agencies within the country and outside, the IFDs will help European investors find suitable Indian business opportunities.

The IFD will include a Trade Portal, with the site putting out comprehensive information about EU-India trade. Details will be provided on markets, regulations, economic and political conditions, administrative requirements and potential business and investment partners in fifferent States and sectors.

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