To boost business ties between India and Germany with particular emphasis on the SME sector, engineering exporters' body EEPC India has signed an agreement with the German Association for Small and Medium-sized Businesses (BVMW) here.
"The MoU was signed after Prime Minister Narendra Modi inaugurated the India Pavillion at the Hannover Messe on April 13," EEPC India said in a release.
Around 350 Indian firms are participating in the Hannover Messe, showcasing India's prowess in high technology areas.
Besides, the new flagship initiative Make in India of the government is being disseminated and promoted at the fair, which is visited by business and technology leaders from all over the world.
As per the agreement, EEPC India and BVMW will exchange information on economic and commercial matters - trade, investment and technology transfer opportunities as well as trends.
The two organisations will provide and facilitate assistance to visiting delegations to promote their business missions.
Moreover, in order to substantiate and add value to the B2B portal launched by EEPC India, BVMW will put in best possible efforts to fix meetings for the Indian companies with German counterparts.
"Being one of India's largest trading partner globally, Germany's Technological excellence and quality control would support India in exploiting the capabilities of the two countries to enhance manufacturing efficiencies leading to value addition," EEPC India Chairman Anupam Shah said at a concurrent seminar at the Hannover Messe.
Shah said R&D expenditure in Germany is quite significant in almost all sectors and the two countries can leverage from their mutual strengths. With the presence of more German firms in India its product quality in all possibilities will improve in the future.
With USD 20 billion bilateral trade during 2013-2014, Germany is India's sixth largest trading partner engaged in the areas of automobiles, chemicals, services, nuclear reactors, construction etc. Large German companies have been stepping up their existing investments and several new companies have entered the Indian market. In the last few years, all the major German automobile giants (BMW, Daimler, MAN AG, Audi, Volkswagen and Porsche) have established manufacturing facilities/assembly plants in India.
A large number of Indian companies have also set up their base in Germany. These include Suzlon, Bharat Forge, Samtel, Mahindra & Mahindra, among others, with substantial investment, Mr Shah said.
PTI
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