India and the Netherlands have signed a joint statement to formalise a bilateral fast-track mechanism (FTM) which will serve as a platform for faster resolution of investment cases of Dutch companies operating in India
The Netherlands’ Ambassador to India, Marten van den Berg, and Department for Promotion of Industry and Internal Trade (DPIIT) Secretary, Anurag Jain, formally signed and exchanged the joint statement on September 27, per an official statement issued by the Commerce & Industry Ministry on Wednesday.
Assisting bilateral efforts
“The mechanism functions in close collaboration between DPIIT, respective ministries and departments, Invest India and the Embassy of the Netherlands. The mechanism will strengthen and assist bilateral efforts to increase mutual investment activities, as well as support and develop business cooperation between companies in both the countries,” the statement said.
The Netherlands is the fourth largest foreign direct investor in India. Between April 2000 and June 2022, the cumulative flow of foreign direct investment from the Netherlands to India reached about $42.3 billion, according to government figures.
In 2021-2022, bilateral trade between the two countries was valued at $17 billion. India’s exports to the country comprises of mineral fuels and mineral-based products, organic chemicals, electrical machinery and equipment, aluminium, iron and steel and pharmaceutical products.