Right Time to Invest in India: German Diplomat

Chennai
Right Time to Invest in India: German Diplomat
outlookindia.com
-0001-11-30T00:00:00+0553

A huge 'positive buzz' among the economic community of the two countries indicates this is the right time for investment, a German diplomat said today.

"Due to the economic slowdown, I think Indo-German trade has slowed down especially because a lot of trade relations we have are in manufacturing. My feeling is that it is still early to say whether the numbers are is back on track.", Consul General of Germany Achim Fabig told PTI here.

Fabig took over as the new Consul General in July this year.

Indicating that there is a "huge positive buzz" among the economic community between the two countries, he said, "There is a hope that this is the time things are going to reasonably change and we will benefit."

"With that buzz we will all see more of a effort, more of interest to go and do something. Even without that buzz, some companies have set up business and opened factories in Tamil Nadu," he said.

"We saw over the last 1-2 years a decline of economic activity, due to overall economic situation (world wide) but we are confident that it will pick up now," he said.

Confidence at ground level is there, but with the new government in place in India, it is "high" and will surely lead bilateral trade numbers going up again, he said.

The Consul General was here to participate in a conference on 'Invest in Bavaria, Business Opportunity for Indian Companies', organised by the Madras Chamber of Commerce.

According to State of Bavaria, India Office, Executive Director, John Kottayil, Germany's exports to India stood at USD 1.3 billion, while it was around USD 920 million from India.

On the Free Trade Agreement between European Union and India, Fabig said FTA would provide more opportunities and possibilities for access in various sectors for investments between the two countries.

"Some FTAs have not been so successful. We are still looking at it. For Europe, it is very interesting to see and there are more opportunities and possibilities to access as more sectors are open for investment," he said.

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