Tuesday, 13 October 2015

Indo-German Trade Volume €16bn Now

Special CorrespondentKolkata: “Trade volume between India and Germany has doubled in the last 10 years and the overall exchange of goods and services between the two countries is valued at around €16 billion in 2014-15,” said Olaf Iversen, consul general of Germany, on the sidelines of an event in the city today. India’s export to Germany amounts to less than one percent of the latter’s total external trade, which shows that there is good potential for mutual cooperation between the two, he said.

Iversen (left) in the city today
Iversen invited Indian cooperation in areas like information and communication technology, manufacturing, energy, climate changes, vocational trainings, and similar sectors. 

“An effort needs to be made to bring the advantages that West Bengal and the other Indian states offer to the attention of German investors,” said Nari Kalwani, chairman, eastern region council, Indo-German Chamber of Commerce. 

Around 1600 German companies are present in India, with investments in sectors like automobiles, mechanical and engineering industries, services, chemicals and trading. These companies provide jobs to about 4,00,000 people. Over 40,000 jobs are expected to be added by German companies in the next three years. 

Iversen said: “Around 150 German companies are present in eastern India, and most of them are in West Bengal. About 20 companies are headquartered in Kolkata.” Germany, he said, can help India with post-harvest management technologies. 

West Bengal ranks sixth in German investments in India.