India is to set up a ‘fast-track’ system for German companies wanting to invest in India, and Germany is to provide a new assistance package of over a billion euros for solar projects here.
This is part of the joint announcement made during the signing of over 13 Memorandums of Understanding and Agreements between the two countries after Chancellor Angela Merkel and Prime Minister Narendra Modi concluded the third round of India-Germany Intergovernmental Consultations (IGIC) on Monday.
A joint statement by the two countries says that the fast-track system for German companies will be fully operationalised by March next year. The decision to set up this system comes days after German Ambassador to India, Martin Ney, had said that his country was India’s largest trading partner in Europe. He had also noted that as of last year, German investments in India had crossed $8 billion.
The Prime Minister added that the German response to India’s development agenda is very encouraging, pointing out that the two countries can look forward with confidence to increased investment, trade and technology partnerships in manufacturing, infrastructure and skill development.
“German engineering and Indian IT skills can create the next generation of industry that will be more efficient, economical and environment-friendly. German cooperation and assistance in areas like smart cities, Clean Ganga, and waste management have taken a concrete shape. So has our cooperation in education, from engineering to humanities,” Modi said.
The Prime Minister added that the Indian and German partnership will also grow in areas such as defence manufacturing, trade in advanced technology, intelligence and countering terrorism and radicalism.