Around 1,000 German firms waiting to enter India
17 Nov 2009
Nearly 1,000 German companies are expected to invest in India over the next five years as businesses across the world tap the benefits of the world's second fastest-growing economy, Guenther H Oettinger, president of German state Baden-Wurttemberg, said.
"I am sure, in the next five years 1,000 more companies from Germany and, may be 200 from our state, would be interested in investing in India," Oettinger, minister-president of the most successful German state, said at a CII meeting.
The German minister said Indian industry and workers match the quality of Europe's and North America's, while the over six per cent growth makes India the potential German manufacturing hub for the Asian market, Oettinger said.
India is now hosting around 1,800 German companies, including Porsche, Siemens, BMW, Voith and Audi.
Indo-German bilateral trade is expected to touch $27 billion by 2014 from over $18 billion in 2008, according to German ambassador to India Thomas Matussek.
India exports mainly garments, machinery and instruments, electronic goods and transport equipment to Germany and imports machinery, iron and steel, machine tools and organic chemicals from Germany.
Some of the leading chemical and machine tool manufacturing companies in Germany are reported to have expressed interest to set up units along the Delhi-Mumbai industrial corridor (DMIC) - from Vapi to Bharuch.