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PM arrives in Germany, to woo investors

PM arrives in Germany,  to woo investors
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Berlin (PTI): Prime Minister Manmohan Singh arrived here on Wednesday on a three-day visit to promote India as a lucrative business destination as it...

pmBerlin (PTI): Prime Minister Manmohan Singh arrived here on Wednesday on a three-day visit to promote India as a lucrative business destination as it continues to take steps to boost domestic investments, attract foreign investors and spur the economy back to its long term growth potential of 8 per cent. Terming Germany as a "key partner" for India in areas like infrastructure, manufacturing, science, technology and clean and renewable energy, he said, "We expect to sign a number of agreements and Memorandums of Understanding in these areas". Germany is India's largest economic partner in Europe and one of the key global partners for trade, investment and technology. Indo-German bilateral trade had registered an increase of 18.4 per cent and reached Euros 18.37 billion in 2011. However, due to global economic slowdown, bilateral trade saw a dip of 5.5 percent last year. "I intend to seek greater trade and investment ties with Germany, as we continue to take steps to boost domestic investments, attract foreign investors and spur the economy back to its long term growth potential of 8 per cent," Singh said. During his discussions, Singh will clarify to the German leader the large number of steps and the reform process taken up by his government to improve the investment climate and make it a lucrative destination for investors. According to officials, "Germany is the most significant actor within the Eurozone. First, in understanding where the Eurozone is and where it is going. Secondly, in terms of investments". Describing Germany as a "major potential investor", they said India did a special presentation to the Germans on the Delhi-Mumbai Industrial corridor which lasted for three days. "And we have got a feedback that they would be interested in the investment opportunities," they added. Another important issue to be discussed between Singh, who is here to co-chair the 2nd round of Inter-Governmental Consultations with German Chancellor Angela Merkel, will be India-European FTA. Ahead of his departure, Singh said, "I will seek Chancellor Merkel's support for an early conclusion of a balanced India-EU Broad-based Trade and Investment Agreement. I will also propose that Europe keep its doors open to Indian investors and professionals".
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