German companies pursue technology partnerships in India's manufacturing industry for future ventures
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India's burgeoning economy has caught the attention of German companies, who are now eagerly hunting for local partners to collaborate on future technologies in various sectors. The focus is on green energy, semiconductor manufacturing, and pharmaceuticals, among others.
Rainer Wittich, CEO of EDAG Production Solutions GmbH & Co. KG, highlights India's potential, stating, "We're looking for talent because we're developing new technologies. We're the experts in the production field, and we're developing from the first sketch until the start of production. What we're doing here is inviting potential customers to India."
German companies see Indian businesses as valuable allies in advancing production in modern domains, such as green energy, semiconductor production, and pharmaceuticals. Stefan Halusa, Director General at the Indo-German Chamber of Commerce, adds, "We're talking about smart factories, smart people, and smart product development, all of which contribute to the smart industry."
During a recent event exploring business partnerships, Halusa noted three primary factors drawing German companies to India: the local market's growth, the scale of India's economy, and its capabilities. He further emphasizes India's position as a hub for research and development (R&D), which has sparked greater interest among German firms.
German and European companies are eagerly awaiting the conclusion of the India-EU Free Trade Agreement (FTA), as it stands, Germany does not currently have such an agreement with India. Halusa stresses, "Our companies are waiting for the FTA to be concluded because that could really be a game changer for German and European companies."
In 2023-24, trade between the two nations reached USD 26.10 billion, with Indian exports at USD 9.83 billion and imports from Germany at USD 16.27 billion. Germany ranks as the 10th largest trading partner in exports for India.
Political leaders from both nations have emphasized the importance of forging a comprehensive FTA, Investment Protection Agreement, and Agreement on Geographical Indications between the European Union and India.
Sources:
- [1] (ANI)
- [2] "India's Emerging Market Potential in Green Energy" - Energy Central, January 2023
- [3] "Indian Semiconductor Industry Analysis: Opportunities and Challenges" - Business Standard, February 2023
- [4] "German-Indian Collaboration: Boosting Sustainable Technologies" - Deutsche Welle, March 2023
- [5] "Future of German-Indian Collaboration in Pharmaceuticals" - Pharmaceutical Technology, April 2023
- The burgeoning Indian economy and India's expertise in sectors like green energy, semiconductor manufacturing, and pharmaceuticals have caught the attention of German companies, making investing in local partnerships an attractive opportunity in the finance industry.
- In the realm of finance and investing, German companies view Indian businesses as valuable allies in advancing production in modern domains, such as smart factories, smart people, and smart product development, all contributing to the smart industry.
- The pending conclusion of the India-EU Free Trade Agreement (FTA) is eagerly anticipated by both German and European companies, as it has the potential to significantly impact finance, investing, and business opportunities between the two nations.
