Comments
German Chancellor Angela Merkel and Prime Minister Narendra Modi will meet business leaders of both countries during the German leader’s visit next week to discuss ways to intensify economic partnership.
Merkel will be in India on November 1 for the fifth biennial Inter Governmental Consultations (IGC), according to an official release from the Ministry of External Affairs on Friday.
“The Chancellor will be accompanied by several Ministers and State Secretaries of the Federal Government, as well as a high-powered business delegation. Under the IGC format, the counterpart Ministers from both countries will hold initial discussions in their respective areas of responsibility,” the release said.
The outcome of these discussions will be reported at the IGC, which will be co-Chaired by Modi and Merkel.
“The two leaders will have a separate engagement with CEOs and business leaders of both countries,” the release added.
Germany is India's largest trading partner in Europe. In 2018-19, India’s exports were worth $8.9 billion to Germany and imports were worth $15.16 billion. Germany is the seventh largest foreign direct investor in India. Total FDI from Germany into India from April 2000 until June 2018 was worth $10.99 billion.
There are more than 1,700 German companies active in India and over 600 Indo-German joint ventures in operation, according to government figures. German investments in India are mainly in the sectors of transportation, electrical equipment, metallurgical industries, services sector (particularly insurance), chemicals, construction activity, trading and automobiles.
Indian corporates, too, have invested in Germany with total investments over $7 billion. There are around 200 Indian companies in sectors such as IT, automotive, pharmaceuticals and biotech.
During the IGC, the two sides will discuss the deepening of cooperation in traditional sectors such as transport, skill development and energy, and explore possibilities for cooperation in newer areas like green urban mobility and artificial intelligence.
..
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.