PRESS TRUST OF INDIA4Lisbon, June 27: Setting the tone for the first-ever India-EU summit here on Wednesday, Prime Minister AB Vajpayee on Tuesday announced constitution of a joint government-industry group for ensuring higher european investment growth, aggressive privatisation programme and a new guarantee structure for large power transmission projects.Addressing an India-EU business meeting here, Vajpayee said India's EU market share remained below 1.5 per cent and India should target at least $30 billion worth of bilateral trade by 2005 and $40 billion by 2010.
As for FDI, PM told nearly 250 european businessmen that total approved FDI from the 15-member EU countries was nearly $13 billion.
However, actual flows have amounted to only just under $3 billion, which ielded a modest realisation ratio of below 25 per cent.
"Clearly, projects are not taking off. There are no doubt hurdles in the path of quicker project implemetation," he said.
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