Germany to finance strategic infrastructure projects in India

Source: The Economic Times, Jan 24, 2017

BERLIN: Germany is set to finance long-term strategic projects in India particularly in the railway, infrastructure and smart cities sectors as part of efforts to support India’s “growth story”, a top German official has said.

“Germany is ready to support India’s growth story and become part of India’s DNA in key long term strategic projects for India’s growth,” Matthias Machnig, State Secretary, Federal Ministry of Economic Affairs and Energy, was quoted as saying by an Indian Embassy statement.

During a meeting with visiting Indian CEOs delegation led by CII, he also informed about the German Cabinet’s decision to finance long-term strategic projects in countries like India particularly in railways, infrastructure and smart cities sectors, the statement said.

German government has set up a special unit in the Economics Ministry to implement this decision of the German Cabinet, it said. In a meeting with the CII delegation, German Federal Finance Minister Wolfgang Schauble said that Germany is committed to working with India for mutual benefit.

The CII delegation was led by Shobana Kameneni, CII President-Designate and Vice Chairperson Apollo Hospitals Ltd.

This was the largest CII delegation to visit Germany since India’s Participation in the 2015 Hannover Messe where India was a partner country.

The 10 members of delegation also included Salil Singhal (PI Industries Ltd), Rajiv Modi (Cadila), Sanjay Kapur (Sona Koyo Steering Systems), Prabhakar Atla (Cyient Ltc), Mohan Murti (Reliance Industries), Mukul Dhyani (Wipro) and Rajesh Menon from CII.

They also participated in a roundtable meeting with German CEOs led by Federation of German Industry (BDI) President Dieter Kempf. It was organised by BDI and the Indian Embassy. CII and BDI would be jointly working on a programme, to intensify their engagements in key areas including skill development, the statement said.

The Indian delegation also interacted with a number of German industry leaders from German Asia-Pacific Business Association.

The CII and The Economic Council also signed a memorandum of understanding (MoU) to strengthen economic and trade ties between India and Germany during ‘The Germany-India Economic Dialogue’ event held at the Indian Embassy here yesterday.

The MoU will help in jointly promoting Indo-German business by means of frequent exchange visits for business cooperation, facilitating investment and business development, and jointly organising road shows in both countries for promotion of investment opportunities, the statement said.

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