- Tuesday, July 02, 2024
German ambassador to India Philipp Ackermann said on June 28 that ‘the ease of doing business’ in India will be on the top of the agenda of the chancellor’s trip.
By: Shubham Ghosh
GERMAN chancellor Olaf Scholz is set to visit India in October to hold wide-ranging talks with prime minister Narendra Modi with a focus on boosting bilateral trade and economic relations.
German ambassador to India Philipp Ackermann said on Friday (28) that “the ease of doing business” in India will be on the top of the agenda of Scholz’s trip.
The envoy told reporters that dates of visit are being finalised and that the visit is set to take place in the second half of October.
Ways to enhance defence ties are also expected to figure prominently in the talks between the two sides.
German defence major Thyssenkrupp Marine Systems (TKMS) and India’s state-run Mazagon Dock Shipbuilders Ltd (MDL) have already signed a framework agreement to jointly bid for the Indian Navy’s Rs 43,000 crore contract for procurement of six stealth submarines.
The bidding process for the project called P-75 India ends in August. The defence ministry is likely to finalise the winner of the contract by the end of this year or early next year, officials said.
Ackermann said an increasing number of German defence companies are looking at the ‘Make in India’ initiative in the defence sector.
Overall, he said the confidence and trust of German businesses in India is growing. There is willingness to invest in India, he said. A German Indian Business Outlook 2024 survey was released.
Nearly six in 10 German companies are planning to increase their investments in India during the current financial year, it said.
In addition, 78 per cent of companies expect rising sales, and 55 per cent forecast higher profits, the survey report said. More than 2,000 German companies are operating in India currently.
German investments in India have been mainly in sectors of transportation, electrical equipment, metallurgical industries, services sector (particularly insurance), chemicals, construction activity, trading and automobiles.
(With PTI inputs)
