Indian industry must meet global quality standards and imbibe international societal values to compete in the world market, heads of Indian Missions to Australia, the EU, Belgium and Luxembourg said today.
“The European Union provides the biggest FDI and FII inflow into India. To continue the advantage of trade relations with the EU and compete in world market, Indian firms must focus on meeting international quality standards,” Manjeev Singh Puri, Ambassador of India to the EU, Belgium and Luxembourg, said.
“Indian companies must imbibe societal values of the EU like labour standards, human rights practices. Protectionist approach to business won’t serve us for long,” Puri said at a CII event here.
Twenty per cent of India’s exports to the EU is rice, he said and urged the companies to focus on improving the quality of rice (Basmati), vegetables and milk products, which are in high demand, a CII release stated.
Navdeep Singh Suri, the High Commissioner of India to Australia, said of the 15 billion dollar worth two-way trade, Australia exports primary products worth 11 billion dollars while India exports manufactured products worth 4 billion dollar including pharma, machines, auto-components.
“Australia is the world’s 12th largest economy and is service sector based. Skill development, vocational training, water management, conservation techniques, food processing and packaging are the sectors that Indian companies can leverage on in Australia,” Suri said.
India can look at Australian portfolio investments for large infrastructure projects, both greenfield and brownfield, he said.
“With auto giants like General Motors and Toyota moving out of Australia, the auto component industry in that country is struggling. In this scenario, Indian companies can tap the technological advancement of Australia,” he said.
Indian firms can also look at technology developed by Australian research agencies. For instance, Australian institute at Queensland has developed drought-resistant lentils and chickpea variety which can be of great use in drought-affected areas of Maharashtra, he said.
Anirudh Tewari, Principal Secretary, Industries and Commerce and New and Renewable Energy said Punjab government is committed to promote bi-lateral trade and investment.
In most cases, investors approaching state government look for local partner. This creates a win-win scenario, bringing investment and at the same time providing business opportunities for local industries, he said.
Under the flagship event of CII, the Department of Industries and Commerce is associated with Invest North which focuses on promoting and facilitating investment inflow into northern region of the country, Tewari said.