650-strong German trade delegation coming to India

Written by fe Bureau | New Delhi | Updated: Nov 1 2012, 08:18am hrs
Buoyed by India's recent move to open up foreign investment in key sectors such as pensions, insurance and multi-brand retail, 650 CEOs and businessmen from Germany will land in the Capital on Friday for a trade meet.

The two-day 13th Asia-Pacific Conference of German Business, which starts from November 2 in Gurgaon, will be co-chaired by the chairman of the Asia-Pacific Committee of German Business and Siemens CEO, Peter Lscher, and German Vice-Chancellor and federal minister of economics and technology, Philipp Rsler.

According to Michael Steiner, the ambassador of Germany in India, "German firms are looking for long-term strategic investment in India. CEOs of firms such as Siemens, Bosch and Volkswagen will discuss the prospective of economic engagement in Asia."

The last APK was held in Singapore in 2010. "If it works, investment will be a huge boost," he added.

Germany has been pushing for concluding the India-EU Free Trade Agreement (FTA) to boost investments. "India-EU free trade agreement could be an extremely important signal to the market. It would be a signal that India is open to the world and open to Europe. That will of course be beneficial to both countries," the German envoy told FE.

EU is India's largest trading partner, while India was the bloc's 8th largest trading partner in 2010. The total trade in 2010 increased by 28% to 67.78 billion euros (Indian exports of 32.99 billion euros/Indian imports of 34.79 billion euros) as compared to 2009.