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PM to seek greater business ties with Germany

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Prime Minister Manmohan Singh during his visit to Germany intends to seek greater business ties with them as India continues to take steps to boost domestic investments, attract foreign capital and stimulate the economy back to its long-term growth potential of 8 percent.

Singh, who left for Berlin on a three-day visit, said Germany is also a key partner for India in areas like infrastructure, manufacturing, science and technology, higher education, vocational training and clean and renewable energy.

“We expect to sign a number of agreements and Memorandums of Understanding in these areas,” he said. He further added: “I intend to seek greater trade and investment ties with Germany.”

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Germany is India’s largest economic partner in Europe and one of the key global partners for trade, investment and technology. Indo-German bilateral trade had registered an increase of 18.4 percent and reached 18.37 billion Euros in 2011.

However, due to global economic slowdown, bilateral trade saw a dip of 5.5 percent last year.

 

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