India-EU FTA expected to bring more German companies to India
The Hindu
India's EU FTA is poised to attract more German companies, boosting bilateral trade and investment opportunities.
Several German companies will look at India with renewed interest when the Free Trade Agreement (FTA) that was concluded in January this year between the European Union and India will be implemented, said Philipp Ackermann, German Ambassador to India and Bhutan.
Speaking to the media on the sidelines of a special meeting of the Coimbatore chapter of the German Indian Round Table organised in Coimbatore city on Wednesday, he said that there was a good chance that the FTA would be ratified by the EU by the end of this year.
Germany had a tough couple of years following the Russia-Ukraine war. But, German businesses are powerful and performing. They have a global thinking, he added.
The annual bilateral trade between India and Germany is almost $ 50 billion with $ 33 billion worth goods and $ 17 billion worth services traded between the two countries. There is a healthy trade balance as India has a surplus in the service sector and Germany has a suplus in goods. This is the highest between India and an European country. There is scope for improvement and the potential will be tapped, he said.
Over 750 Indian companies have invested in Germany which is very much welcome. There are 60,000 Indian students studying in Germany and they have 18 months time to find a job after they complete their studies. The labour market in Germany is interested in Indian students.
Mr. Ackermann added that Germany is looking at offering vocational training programmes in India in specific areas and skills such as renewable energy that requires special skills.
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