Prime Minister Narendra Modi and German Chancellor Merkel on Tuesday undertaken comprehensive review of coop'n at the Plenary Meeting of the Inter-Governmental Consultations. PM Modi and Chancellor Merkel also witnessed the exchange of a number of MoUs/JDIs between India and Germany during their meeting on Tuesday.
Here's the highlights of PM Modi's speech at joint statement:
#Germany has extended 1.4 billion euros for development cooperation assurance, and 12 MoUs were signed between India and Germany
# PM closes his statement: Pace of development of our is fast, direction is positive & destination is clear. Germany will always find India as powerful, prepared and capable partner.
# Renewable Energy an important area of co-operation. India wants to generate 175 GW in RE by 2022. Till March, we have built capacity for 57 GW.
# German investments in Make in India has seen a significant increase, particularly by Mittelstand companies. German participation also important in Skill India Programme.
Germany's extensive work in skill development, that has set standards globally, can benefit the youth of India: PM Modi in Berlin pic.twitter.com/kPBPGlAzyl— ANI (@ANI_news) May 30, 2017
# Welcome role played by friendly countries in our dev. German business and industry is important partner in achievments of India's economic priorities.
# Our relations have a regional & global perspective. We discussed new and upcoming opportunities and challenges in Asia, Europe and the world.
# In today's IGC, we conducted a comprehensive review of bilateral relations with Chancellor Merkel & her team
# Whether it be bilateral relations, humanitarian issues, regional or global issues, every discussion with Chancellor has been very beneficial for me.
# Guten Tag Deutschland! This is my 2nd official visit to Germany for IGC
Earlier on the day, Chancellor Merkel received PM Modi at Schloss Messeberg before a private dinner and he was accorded ceremonial welcome at German Chancellery.
India is seeking to double the German investment in the country over the next five years from the current 9.5 billion euros and also wants a two-fold increase in the number of German companies, a former Indian Ambassador to Germany said on Tuesday.
In recent times, India has attracted about 74 German companies which have business plans worth investment of USD 1 billion, Gurjit Singh told PTI as Prime Minister Narendra Modi held talks with German Chancellor Angela Merkel and signed eight agreements.
There are opportunities for German companies in India's infrastructure, defence sectors, railways, smart cities, renewable energy, ports and shipping, coastal shipping and inland waterways, he added.
"German investments in India is about 9.5 billion euros, made during 2000-2016, which can be doubled to 18 billion euros may be over the next five years. We (also) want to double the number of German companies in India to 3,600 from 1,800," according to Singh who retired in March this year after serving 37 years in foreign service with Germany being his last posting.
Singh said German companies were also being urged to form consortium with European and non-European companies to undertake mega projects in India, especially their participation in smart cities which would require different disciplines, expertise and technologies.
Germany's small and medium size companies, known for having good technologies, should take the lead in forming these consortium, he pointed out.
Joint ventures between German and Indian companies could also lead to building up consortium for undertaking mega projects in the country, he said after addressing the Institute of South Asian Studies, a think tank at the National University of Singapore.
Overall, the European investments in India should also be doubled to at least 1.5 per cent from the current nominal level of 0.7 per cent of their global investments, according to Singh who has also served as ambassador to Indonesia, Ethiopia, ASEAN and African Union.
He said Modi's ongoing to visit to Germany is well timed and would boost bilateral relations between the two countries.
With inputs from PTI