At the Hanover Fair, the German Chancellor Angela Merkel spoke in favour of more intensive trade relations with India. This year, India was the partner country of the Fair. “Trade between Germany and India can still be improved, although Germany is already India’s largest European trading partner”, said Merkel.
“Germany has done more than any other Western country to tap into India’s business world”, said the Indian Prime Minister Narendra Modi and offered German industry a partnership in the development of a new India. Modi said there were enormous opportunities and promised the creation of an investor-friendly environment: “India is standing ready to welcome the whole world with open arms.” He promised business-friendly reforms and drew attention to economic growth rates of over seven per cent as well as liberalisation in the insurance and bank sectors. Modi said his government not only wanted to create reliable investment conditions but is also planning huge infrastructure projects. “The economic relations are still far from being exhausted”, he continued. Two Indian groups also visited the Hanover Fair within the scope of the MP.
Five bilateral declarations of intent for corporate cooperation in the area of renewable energy were signed at the Hanover Fair on 14 and 15 April 2015 within the framework of the Indo-German Energy Forum (IGEF). They encompass research and investment projects in the field of photovoltaics. The agreed development volume is over 550 megawatts of electricity generation. “I am pleased that with the agreed corporate cooperation we have implemented the arrangements made at the RE-INVEST investment conference in Delhi in February 2015”, stressed Uwe Beckmeyer, Parliamentary State Secretary at the Federal Ministry for Economic Affairs and Energy (BMWi). India intends to expand the area of renewable energy substantially by 2022. The bilateral energy cooperation between India and Germany was initiated in 2006 on the occasion of that year’s Hanover Fair.
Source: Federal Government / Federal Ministry for Economic Affairs and Energy (BMWi)