Czech companies including automobile major Skoda Auto, defence equipment maker Eldis and power company Skoda Power plan to invest $2 billion in India in the next two years.
Industrialists from the Czech Republic visiting India as part of a delegation led by Trade and Industry Minister Martin Kuba shared their investment plans in a meeting with members of the Engineering Export Promotion Council, a release issued by EEPC said.
Czech investments were also sought in the proposed National Manufacturing and Investment Zones (NMIZs) by Commerce and Industry Minister Anand Sharma in a meeting with Kuba.
“Since Czech Republic is strong in manufacturing generally and heavy engineering in particular – metallurgy, machine tools, defence equipment, we invite its automotives which account for 24 per cent of Czech manufacturing to invest in NIMZs in India,” Sharma said.
Working group
A Joint Working Group (JWG) on advanced manufacturing and heavy engineering is scheduled later this month to promote collaboration between Indian and Czech companies.
The ministers also discussed issues regarding defence cooperation. Sharma said that both countries could build an enduring defence relationship that could include joint research, development and production of weapons systems.
Bilateral trade between the two countries is less than $1 billion, but both sides are hopeful of doubling it soon.
amiti.sen@thehindu.co.in