India, Germany welcome efforts of high technology partnership group

Berlin [Germany], May 30 : Recognizing Germany's key competencies in high technology and India's growing needs, Chancellor Angela Merkel and Prime Minister Narendra Modi on Tuesday welcomed the efforts of the High Technology Partnership Group (HTPG) to identify specific opportunities for high technology collaboration between the two countries.

In a joint statement issued here after bilateral delegation-level talks, both leaders reiterated the need for identifying priority areas of skills development in manufacturing under the "Make in India" program, enhance cooperation in defence manufacturing and machine tools and enhance cooperation in maritime technology and the development of blue economy.

They also agreed to explore possibilities of cooperation in the field of industry 4.0, particularly between the industry platforms on both sides.

They also welcomed efforts to deepen relations between the Indian and German space agencies and agreed that policies such as the 'Make in India' initiative offer investment opportunities for German companies.

Both leaders welcomed the full implementation of the fast track system for German companies, as agreed during the last consultations, in the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry.

The fast track system has been enabling both sides to identify and solve problems faced by German companies and investors in their operations in India.

Apart from this, they said that the fast track system also serves as a platform for discussing general suggestions from the point of view of German companies and Investors with regard to ease of doing business in India.

Both leaders underlined their determination to ease bilateral trade and investment. They pointed to the potential of open markets and the importance of investment protection for foreign investors for deepening trade relations and for attracting investments to the mutual benefit of both countries.

In this context, they underlined their commitment to India's strategic partnership with the EU and their interest in developing it further.

They also reaffirmed their strong commitment to the EU-India Broad Based Trade and Investment Agreement and their commitment to bring about a resumption of the negotiations at the earliest possible date.

This would, inter alia, allow to establish provisions for the mutual protection of new foreign investments.

Source: ANI