Europe remains on Indias trading radar

Europe remains on Indias trading radar
Europe remains on Indias trading radar

Countries like Hungary, Slovenia and Denmark are just a few that have made overtures for Indian investments in recent times.India-Hungary plan on trade spike

India and Hungary have held talks on enhancing bilateral ties and trade as external affairs minister Sushma Swaraj met Peter Szijjarto, Hungarian minister for foreign affairs and trade.Swaraj expressed satisfaction at the increasing bilateral trade between the two countries, which has touched $600 million. There are around 15 Indian companies operating in Hungary, including Apollo Tyres, TCS, WIPRO, Mahindra Satyam, SMR Group and Sun Pharma.Szijjarto said Indian investment in Hungary had reached $2 billion and was providing employment to more than 10,000 people. He listed four focus areas for cooperation: automotive industry (31.5 per cent of Hungary′s GDP comes from the automotive sector); construction industry, especially for affordable housing in which Hungarian companies were keen to enter the Indian market; water and sanitation to assist Clean India Mission; and innovative industries.A joint India-Hungary science and technology fund of €2 million has been created to promote research in agriculture, pharmaceuticals, information and communication technology, nanotechnology and molecular biology.The joint statement issued said: "Both ministers affirmed the urgent need for a comprehensive reform of the United Nations Security Council, including its expansion in both the permanent and non-permanent categories, so as to make it more effective, efficient and representative of the contemporary geopolitical realities.”Slovenia seeks Indian investment

Slovenia, a European country, has issued an invitation for Indian investors to invest in projects in the country.Showcasing itself as an ideal investment hotspot for Indian companies, Jozef Drofenik, ambassador of Slovenia to India, invited Indian industry to collaborate, invest, partner and build business ties with their counterparts in Slovenia.Drofenik said: "Slovenia is a perfect investment platform for Indian companies due to its excellent infrastructure, a well-educated work force, and a strategic location between the Balkans and Western Europe."We have a lot of small and medium sized companies having high technology and skilled work force. Slovenia has signed an agreement with the Indian Air force for hundred high-end planes which can cover maximum distance in one fuelling. Slovenia has one of the highest per capita GDPs in central Europe."Dinesh Dua, council chairman, CII Chandigarh, said: "The economic and commercial relationship between India and Slovenia, particularly investment relationship, has grown in recent years. FDI flows from Slovenia to India between April 2000 and June 2015 are about $8.49 million, making it the 79th most important investor in India."The key sectors that saw maximum flows of funds from Slovenia include manufacturing, computer software & hardware, pharmaceutical products, electrical machinery, green technology and organic chemicals.Denmark eyes India water pump market

Denmark-based Grundfos is eyeing 6 per cent sales growth for the next year from its operations across the globe, including India.The leading water pump maker has set aside capital for business expansion in India and is also looking at manufacturing its products in the country.Grundfos India has its operations based in Chennai, where it runs an assembling plant of water pumps. The components for water pumps in this plant are imported.Grundfos India is responsible for the sale of Grundfos products in India, Bangladesh, Bhutan and Maldives. Mada Nipper, president and CEO, Grunfos Group, believes the Indian economy is best positioned for growth compared to other economies, as it is not over-dependent on resources from other parts of the world.He said: "India unlike many countries is less dependent on trade with China... The Modi government has taken the right steps, but it has also found that it is harder to do that. I think the courage to make reforms is right and they should not give up. The Modi government needs to stay stubborn on reforms agenda."With primary focus on new forms of energy and sustainable production, Grundfos said it is continuously working on high efficiency water pumps and plans to steer its business towards digitisation.

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