Businesses from most member countries of the European Union (EU) have been present in India for many decades but have represented their interests and concerns to the Indian government through bilateral chambers of commerce.
As a departure from this, a business advocacy body called the Federation of European Business in India (Febi) was launched in July with the aim of becoming "a strong unified business-driven voice advocating for EU companies".
This comes amid a 2024 survey of German companies in India, flagging bureaucratic hurdles, high corruption, and the tax system as the three biggest obstacles to doing business in India.
By contrast, a similar survey of Swedish companies shows 88 per cent of those did not see corruption as the primary challenge but red tape, and labour and tax regulations.
After liberalisation started, following tieups with Indian companies, EU concerns have also found a voice through industry bodies like the Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry.
But it is now time to scale up, said Hervé Delphin, ambassador of the EU to India and honorary president of Febi: "EUIndia relations have been on an ascending trajectory, with a growing economic footprint.
More than 4,500 European companies are present in India, providing 6.5 million direct and indirect jobs. The EU is India's largest trading partner in goods, with trade amounting to 123 billion euros in 2022-23, and ranks among the top three investors in India. Ongoing negotiations for a free-trade agreement between the EU and India hold promise to enhance trade flows and economic cooperation significantly.
Febi will bring a much-needed business perspective, which will contribute to further expansion and bringing together the EU-India economic and trade eco-system. It will be a true force multiplier."
This story is from the August 05, 2024 edition of Business Standard.
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This story is from the August 05, 2024 edition of Business Standard.
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