Several European companies have expressed keen interest in investing in India, with many carmakers exploring manufacturing opportunities in the country, Commerce and Industry Minister Piyush Goyal said in Berlin on Friday. German companies had indicated plans for substantial investments in India during his bilateral meetings with them, he added.
Source: PTI via The Hindu BusinessLine
Goyal, who is in Germany on an official visit, said German firms are interested in investing in areas such as healthcare, pharmaceuticals and research and development, while European firms are also exploring opportunities in precision engineering, aerospace, defence, shipbuilding and ship repairing.
"With all the regulatory overhang that they (EU) are creating upon themselves, European manufacturing will have to look for trusted partner countries where at least many of the things that are becoming very expensive in Europe can be produced. So I see tremendous potential for India and huge job creation in India," Goyal told reporters. He pointed to the EU's carbon border adjustment mechanism (CBAM) and deforestation regulations, and noted that India's steel industry is investing heavily in green steel while clean-energy use is rising.
"Many automobile companies from here are also looking at manufacturing in India," the minister said. German carmakers Volkswagen, Mercedes-Benz, BMW and Audi already have operations in India, as does Czech automaker Skoda. "We export about one million cars from India — yaani kareeb 10 lakh cars a year — soon you will see cars made in India will start coming into Europe, so I think in high-tech (sectors), India's entry is increasing," he said.
Source: PTI via The Hindu BusinessLine
On the sidelines in Berlin, Goyal met Fresenius Group CEO Michael Sen to discuss deeper healthcare cooperation, Bayer Pharmaceuticals Division chairman Stephan Oelrich on the company's expansion plans in India, and Knauf Group global general partner Murat Akyildiz on expanding the building-materials maker's manufacturing footprint and sustainable construction materials, IANS reported. He also attended the inauguration of the India Centre of the German Council on Foreign Relations (DGAP), where German Federal Minister for Economic Affairs and Energy Katherina Reiche was present.
Source: IANS via The World Opinion
Goyal is leading a delegation of around 100 businesses and startups on the Germany and Netherlands visit from October 22 to 27, with the India-EU free trade agreement talks high on the agenda. Read: Goyal leads 100 businesses to Germany and Netherlands