India-Germany bilateral trade may reach 20 bn Euros in 4 yrs

Duesseldorf (Germany) May 31, (PTI) The trade between
India and Germany is expected to touch 20 billion Euros in the
next four years, with the recession-hit European nation
looking aggressively at investment opportunities in the
world's second fastest growing economy.

With the bilateral trade recording a 11.2 per cent rise
in 2008 at 13.4 billion Euros, "it is well on its way to
achieve the target of Euros 20 billion by 2012 ...", India's
Ambassador designate to Germany Sudhir Vyas said at a recent
meeting of the Indo-German Chamber of Commerce here.

Germany is India's largest trading partner in the
European Union. It is also India's second largest global
partner for technology collaborations, after the US.

Germany's Ambassador to India Bernd Muetzelburg said
inspite of slowdown, the Indian economy is still growing while
many other countries, including Germany, are experiencing a
negative growth.

India would continue to be one of the most important
investment locations and trading partners for the German
business and industry, he said. "India has reaffirmed its
position as a bastion of stability and as a beacon of hope in
difficult times," he said.

The European nation's direct investments to India in the
first seven months of 2008-2009 stood at reached USD 538
million, crossing the level of investments for the whole of
2007-2008.

Over 1,600 German companies are estimated to have
presence in India with their production bases or branches.

Christa Thoben, the Minister for Economy, Energy and
Medium-level Industries of the state of North Rhine Westphalia
(NRW) said Duesseldorf and areas around have also become a hub
of new investments and acquisitions by Indian firms,
especially in the automotive sector, castings and forgings,
textiles and computer software and IT-enabled services.

A number of Indian companies are also active in the state
in traditional businesses like restaurants and retail shops.

It is estimated that Indian companies operating in NRW
had a turnover of more than Euros two billion last year, the
minister said.

North Rhine Westphalia had a 25 per cent share in
Germany's overall trade with India.

With more than 15,000 Indian residents, North Rhine
Westphalia is also the home of the largest number of Indians
settled in this country. PTI COR