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PM Modi heads for Germany in his six day tour to Europe to strengthen economic ties

 2017-05-29 10:59:52.0

PM Modi heads for Germany in his six day tour to Europe to strengthen economic ties

Thalka News Burea

New Delhi: Indian Prime Minister Narendra Modi will begin his six-day four-nation tour on Monday. He will arrive in Berlin, Germany today on the first day of his tour following Spain , Russia and France aimed to boost bilateral economic engagement with these nations and inviting more investment for India's transformation.

This time India has his bag full with a few good items to showcase to foreign investors. The progress back home on economic reforms, a corruption-free, scam proof three years in the office, the passage of Goods and Services Tax (GST), reforms of aid the ailing banking sector such as passage of bankruptcy code and loan ordinance, reforms in foreign investment and FDI inflow ($43.5 billion in 2016-17) and a few macro-economic indicators.

Modi's visit to Germany is described by him as a "new chapter" in bilateral relations, will kick off with a meeting with Chancellor Angela Markel at her country retreat of Schloss Meseberg this evening. Both leaders will sit and discuss matters in a n informal way at the 18th century palace, nearly 80 km north-west from Berlin.

"I am confident that this visit will open a new chapter in our bilateral roadmap of cooperation with focus on trade and investment, security and counter- terrorism, innovation and science and technology, skill development. Urban infrastructure, railways and civil aviation, clean energy, development cooperation, health and alternative medicine."

The prime minster described Germany as a valuable partner, he said, "German competencies fit well with my vision for India's transformation."

Tomorrow will be welcomed by the German military, honoring at the Chancellery following which he will hold talks with Markel as part of the fourth round of the bi-annual India-Germany Intergovernmental Consultation (IGC). The last IGC was held in New Delhi in October 2015 when bilateral ties were significantly scaled up.

The countries are expected to hold agreements and are likely to deliberate in several pressing issues such as global issues, including the situation in the South China Sea, China's 'One Belt, One Road' initiative and the growing threat of terrorism.

Also, the two leader will have a luncheon meeting with senior business leader before inaugurating the Indo-German Business Forum tomorrow.

A Free Trade Agreement (FTA) between India and the European Union (EU) will be on table, with Germany-based CEOs are keen to push for a further opening up of the Indian market.

The Indian-Bilateral Investment Treaty (BIT), among India's 23 BITs with EU countries, had lapsed in March this year. Trade between the countries was 17.42 billion euros in 2016, and 17.33 billion euros the previous year.

Germany is the seventh largest foreign direct investor (FDI) in India and the total FFI from April 2000 until December 2016 amounted to USD 9.54 billion. A total of 1,800 German companies are operating in India.

The German embassy in Berlin have launched the Make in Mittelstand (MIIM) Programme in September 2015 to facilitate the German Mittelstand (SMEs) to do business in India. Currently, 74 German Mittelstand (SMEs) companies are being facilitating through MIIM Programme for their market entry and investment in India. Out of thee 46 companies have progressed well in India investment plan, the embassy claims.

Modi leave for Spain by tomorrow evening.


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