‘German companies have good opportunities in the changed political and economic climate in India’: German Minister

Mr. Garrelt Duin, Minister for Economics, Energy and Industry for the State of North Rhine Westphalia (NRW) was speaking at the India Business Forum event ‘New government in India: Ease of Doing Business’ held at the Steigenberger Hotel in Duesseldorf on September 15, 2014. The business event was organized by the Consulate General of India, Frankfurt to inform German companies about the new initiatives launched by the Indian government since taking office in May 2014.

Minister Duin emphasized the positive impact that the political and economic changes in India would have on the already robust economic partnership shared by India and the state of NRW. The fact that India is more accessible to many German enterprises than other countries in Asia was also one of the reasons for the strong trade ties, he said. In 2013, the state of NRW accounted for over 25% of the total Indo-German trade. 23.3% of Indian enterprises in Germany are headquartered in NRW with over 100 Indian companies and business establishments located here.

Mr. Raveesh Kumar, Consul General of India in Frankfurt welcomed the representatives from German and Indian companies, financial institutions, legal and consultancy firms and educational institutions present at the event, stating that the new government’s announcements over the last few weeks have given a definite push to the improvement of the investment climate in India. Speaking at the event Mr. Vijay Gokhale, India’s ambassador to Germany quoted the German Foreign Minister Mr. Steinmeier, who during his recent meeting with Prime Minister Modi termed India as Germany’s ‘preferred partner’. Ambassador Gokhale explained that since coming to power, the Indian government has focussed on both setting a direction for the policies as well as addressing the issues concerning changes in delivery mechanisms. Speaking about opportunities for German companies, he underlined the sectors of manufacturing, renewable energy, water treatment, railways, agriculture (post-harvest technology), waste management and skills development that have a huge potential for Indo-German cooperation.

The event concluded with a Panel Discussion on ‘Local firms, global Outlook’ with Panelists representing Indian and German firms active in the SME sector who shared their positive experiences and best practices in the realm of Indo-German business. Over 120 persons cutting across business and financial sectors attended the event, lauding the effort of the Consulate of India in Frankfurt to create awareness regarding the new opportunities for available German companies under the new Indian government.