Though India has changed for the better in many ways over the past decade, conducting business in the market is still no easy task, according to participants at the Bled Strategic Forum, Slovenia’s yearly foreign policy event.

Despite rapid economic growth, India came in for some drubbing at the event, though Prakash P Hinduja, Chairman of the Hinduja Group in Europe, highlighted the wealth of opportunities for cooperation between India and South-East Europe.

Think-tank proposed

PP Hinduja, a member of the Ficci Executive Committee, was on the leadership panel at the Bled Strategic Forum in Slovenia recently. The event was attended by General VK Singh, Cabinet Minister NE Affairs, and former foreign ministers from China and Sri Lanka.

Proposing the formation of a think-tank that could explore concrete opportunities between the two nations, PP Hinduja urged for more initiatives on the part of the private sector.

“I see a very bright future,” said Hinduja, confident about cooperation between India and Slovenia. Emil Zizka, Chairman of Directors at Litostroj Power, a Slovenian heavy machinery manufacturer based in Ljubljana, identified the hydro industry as a major opportunity for the two countries.

However, Zizka told the gathering that one could not conduct business in India directly from Europe.

He noted that a branch office or production facility was required to conduct business, and that a reliable Indian partner was needed to open shop in the country. In order to be competitive, Zizka also said that one had to transfer technology.

To Zizka’s comment that pre-contract negotiations with Indian partners could be protracted, Hinduja stressed that things were changing in India. He agreed that having a good partner and using local know-how in India was a must. Stressing the opportunities available in the development of rural India, Hinduja noted that Slovenia could be a hub for Indian IT companies in Europe.

Ernest Petric, Former President of the Constitutional Court of the Republic of Slovenia, who served as Yugoslav ambassador to India 20 years ago, also spoke on the historically strong ties between the two nations. Chander Verma, Chairman of Continental Construction Projects, India, highlighted the €273-million trade between India and Slovenia last year.

Global relations

This year’s event hosted over 500 participants from the world of politics, business and academia from 65 countries. The forum debated on a range of issues in the global arena, and sought to pinpoint ways to overcome the gridlock in global relations.

Also discussed were cooperation in South-East Europe, demographic change, cyber-security and new technologies, and the role of tourism in international relations.

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