Germany Trade and Invest (GTAI), the economic development agency of Germany, has been assisting German businesses in seeking opportunities in India and vice versa for almost three decades now. The Dollar Business caught up with Asha-Maria Sharma, Director, GTAI India, to understand how GTAI has been helping German and Indian companies – particularly SMEs – connect.
TDB: Germany Trade and Invest (GTAI) has been working towards improving trade relations between India and Germany for years now. Do you think bilateral trade between the two countries is heading in right direction?
Asha-Maria Sharma (AS): India is an important country for Germany, as India ranks 28th in the list of the most important suppliers and 24th amongst the most important German export destinations. Germany is also India’s largest trading partner in the EU.
The Germany Trade and Invest (GTAI) has been working closely with the Indo-German Chamber of Commerce (IGCC) for many years. And the bilateral trade between India and Germany clearly shows an upward trend. Although growth over the last few years has been moderate because of the gloomy global economy, the trade volume has grown to €17.4 billion in CY2016 from €10.5 billion in CY2006.
TDB: How do German companies perceive India’s present economic environment?
AS: Currently, about 1,800 German companies have business set up in India. In fact, many of them have been settled here for a long time now. In terms of doing business in India, there are still some challenges – for instance, logistics can be very challenging. But, with that said, the German business community has very well received the Indian government’s decision to liberalise the FDI regime and its efforts to improve the ease of doing business. And, most importantly, India offers immense business opportunities in various fields.
TDB: In what ways is GTAI helping Indian and German companies engage in investment and business?
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