PM meets movers and shakers of German economy

SansadTV Bureau

PM_Modi-germanyPrime Minister Narendra Modi on Sunday met “movers and shakers” of German economy soon after his arrival to attract foreign investment and seek support for his government’s ‘Make in India’ initiative.

Modi, who reached this northern German city from Paris, held a roundtable meeting with German CEOs.

“Business is 1st in order of priority,” External Affairs Ministry Spokesperson Syed Akbaruddin tweeted.

Modi was accompanied by Commerce and Industry Minister Nirmala Sitharaman.

“Movers & shakers of German economy/industry meet with PM,” tweeted Akbaruddin.

Modi, who arrived here earlier in the day, tweeted, “Hallo Germany! Reached Hannover a short while ago.”

From the Langenhagen Airport he went straight to his hotel where several Indians enthusiastically greeted him.

He shook hands with some of them as they shouted ‘Modi, Modi’.

During his three-day stay in Germany, the Prime Minister will meet German Chancellor Angela Merkel. Business and technology is the focus of his first trip to Germany.

He will visit the Hannover Fair where India is a partner country this year. About 400 Indian companies are participating in the fair which will see the presence of about 100-120 Indian CEOs besides about 3000 German delegates.

Modi, along with Chancellor Merkel, will inaugurate the ‘India Pavilion’ of the Fair and address an India-German business summit.

The two leaders will have detailed talks in Berlin with focus on how Germany can work with India in its developmental agenda.

The two leaders will address the Hannover Fair Business Summit, which focuses on the possibilities for promoting trade and industrial cooperation between India and Germany.

They will hold detailed discussions on various aspects of bilateral relations and international issues of “mutual interest” at their official talks in Berlin on Tuesday.

Germany is India’s largest trading partner in the EU and one of the top ten global trading partners.

The overall exchange of goods and services between the two countries was valued at around around 15.96 billion euros last year, a drop of 1.14 billion euros from the level of 16.10 billion euros registered in 2013.

While India’s exports to Germany rose marginally to 7.03 billion euros in 2014, its German imports dropped to 8.92 billion euros from 9.19 euros in the previous year, according to the Federal Statistical Office.

Germany is the 8th largest foreign investor in India. Its foreign direct investments in India during January-November 2014 were valued at around USD 995.7 million.

More than 1,600 Indo-German collaborations and around 600 Indo-German joint ventures are currently in operation.