India and Germany Seek To Strengthen Economic Ties

Narendra Modi assures foreign investors of favourable business conditions and liberalisation in FDI.

Prime Minister Narendra Modi and German Chancellor Angela Merkel with Make in India logo models at the Bosch Vocational Center in Bengaluru on Tuesday. (Photo: PTI)

Speaking today at the Indo-German Summit in Bengaluru, Prime Minister Narendra Modi said India is a “bright spot” in the global economic slowdown and assured foreign investors of favourable business conditions here.

Sharing the dais with German Chancellor Angela Merkel, Modi added that India is committed to protecting intellectual property rights, particularly for innovators and entrepreneurs, and that the government hopes to roll out the Goods and Services Tax next year.

Modi also stressed that while Indo-German business ties remain below the full economic potential, India is keen to develop a bilateral relationship in various sectors.

Meanwhile, Merkel said that while India needs high-skilled jobs, Germany requires highly-skilled labour. She also discussed the ongoing efforts to reform the UN Security Council by the G4 countries, who support each other’s bids for permanent seats on the UN body.

The Summit was attended by the who’s who of the India Inc, particularly from the IT sector. Earlier in the day Modi and Merkel visited the facilities of German automotive major Bosch. The two leaders are set to meet again in November at the G-20 summit in Turkey.