Indian companies doing business in Europe are witnessing a rebound in their business prospects in the region for the first time in two years, according to a report.
Indian companies doing business in Europe are witnessing a rebound in their business prospects in the region for the first time in two years, according to a report. The survey by Ficci observed that a gradual turnaround has been achieved by Indian corporates by successfully re- positioning and re-aligning their operational capabilities in one of the most demanding and organised markets in the world. “Capitalising on and riding on the back of improved economic performance by a number of European economies, Indian companies have been able to grow and create a niche for their products there,” Ficci said on the survey findings. Moreover, it said, there has been a marked rise in number of companies who have successfully been able to reduce their losses while doing business in the region.
“These are heartening signs for Indian corporates as despite a gradual slowdown in India-Europe trade and economic relations, the region still remains India’s largest trading partner,” Ficci said. The survey noted that the current economic situation, though resulting in number of procedural and regulatory obstacles for Indian companies to expand and or do business in the continent, is still providing needed returns on the investments made. The survey revealed that the gradual economic recovery in Europe has far deeper ramifications on the business interests of Indian companies.
This includes holding on to their current level of businesses, furthering their footprint across the region, seeking a more pliant policy framework from respective European economies to ease the process of doing business there and seeking easy movement of human resources to finish the existing projects. According to the survey, the ongoing negotiations to sign an equitable and balanced free trade agreement between India and the EU are also closely monitored by Indian industry. The issue of visas and movement of professionals in the EU remain one of the most contentious concern areas for Indian firms.