EU our largest trading partner, 2nd largest destination for Indian exports: Govt

at 8:12 pm

New Delhi (NVI): European Union will be coming out with its own Indo Pacific strategy and India is negotiating a connectivity partnership with the EU which will connect people to people, trade, business and technology in the coming times, a senior Government official said today.

Sandeep Chakravorty, Joint Secretary (Europe West), Ministry of External Affairs, while highlighting the trade relations between India and Western Europe said that EU is our largest trading partner and the second-largest destination for Indian Exports.

He was participating in the session of India- Europe & CIS Day: Strengthening Economic Relations – The Way Forward at the PHD Chamber of Commerce and Industry’s International Week here.

“India has the largest FDI inflows from the EU and even during the pandemic, investment flows between the nations continued to grow. Despite the challenges posed by the pandemic, India’s engagement with Europe has gone up and will only intensify further in the coming times,” the Joint Secretary said.

He further said that the EU is a strong economic partner to India and the Government is looking at the EU with encouragement and optimism.

Francois Delhaye, Ambassador, Royal Embassy of Belgium, India, while deliberating on the effect of the pandemic on the global economy and society, as a whole, along with the changing geopolitical landscape and bilateral ties mentioned that there are changes in the ways we produce, communicate and consume in every sector and industry.

He shared that Belgium is one of the top EU trading partners for India and one of the largest investors in India. The areas of focus for business opportunities include green economy, pharmaceutical, logistics, and infrastructure. He emphasized on maximising opportunities and minimising risks in businesses, post the pandemic, between India and Belgium.

“Ensuring greater investment, security, multiple protection of intellectual property, and taking care of the existing trade tariffs will help us to unlock the full potential of our economic relations,” he said.

Milan Hovorka, Ambassador, Embassy of Czech Republic, Asein Isaev, Ambassador, Embassy of the Kyrgyz Republic, Reuben Gauci, High Commissioner, Malta High Commission, Dr. Marjan Cencen, Ambassador, Embassy of the Republic of Slovenia, Adam Burakowski, Ambassador, Embassy of Poland also expressed their views on the occasion.

Jaideep Mazumdar, Ambassador, Embassy of India, Austria mentioned that this is the right time for India to plan and for companies in Europe to consider upping their engagement with India as by all estimates, the Indian economy will be the fastest-growing major economy in the world in the coming year.

“Hence, European industries must turn to India as a reliable alternative value chain and the new dimension opening are in the sectors of the digital economy, artificial intelligence, and biotechnology. The mission of making in India, Digital India, Startup India, and Clean India is the opportunities that are waiting to be grasped and utilized,” he said.

The session was moderated by Saurabh Sanyal, Secretary-General, PHD Chamber, and was attended by many industry stalwarts around the world.