German companies are looking to increase their investments in Karnataka.
According to Dr Ingo Karsten, Consul General of the Federal Republic of Germany, companies such as Siemens, Bosch, Bayer, Airbus, Metro and SAP are looking to invest in the State across sectors such as IT, manufacturing, aerospace, automotive components, electrical engineering and others. In 2011, Bangalore has attracted investments to the tune of $8.6 million and a share of 4.3 per cent, as per Department of Industrial Policy and Promotion, Government of India.
Apart from these investments, there are plans to invest in sectors such as solar energy and urban city planning and development projects.
“Since there is large migration into urban cities, German companies are looking to invest in new technologies such as pollution control, energy management and related areas to make life in cities livable,” said Dr Karsten.
German companies will showcase their wares in the Indo-German Urban Mela, which will be held on June 22 to July 1, in Bangalore.
This, according to industry watchers also provides a boost to the bilateral trade targets set between India and Germany.
In May, the Union Commerce and Industry Minister, Mr Anand Sharma, during his visit to Germany had expressed confidence that bilateral trade between India and Germany will surpass the $26 billion target by the end of this year.
Bilateral trade between the countries has more than doubled over the last 5 years and has reached bout $23.64 billion at the end of 2011.
There are 150 German companies active in India and employing 6,000 people in R&D. Dr Karsten added that with these additional investments, more jobs will be created.