India Development News & Foreign Investment Opportunities

India and Europe 29 are Beacons of Growth in a Slowing World

India seeks Europe 29 markets


India seeks Europe 29 markets


Minster Goyal at the Forum.

India and the countries of the Europe 29 region can be beacons of growth in a slowing world, said Commerce and Industry Minister Piyush Goyal at the India–Europe 29 Business Forum in New Delhi on 20 Nov 2019.

The two regions have a very strong historical and cultural connect with each other, he said, referring to Europe 29 (E29) of 29 countries in Central, Eastern and Northern Europe.

The two regions could capitalize on this connect and develop a strong economic relationship with each other, he added.

He listed out the complementary strengths of the two regions especially in areas such as smart cities, renewable energy, start-ups IT & ITeS.

In addition to this, Goyal suggested that promotion of bilateral tourism could also be considered as a major area of cooperation while pointing out that E29 could also act as a gateway for Indian products to the wider European market.

The Forum was organized by the Confederation of Indian Industry (CII) and the Ministry of External Affairs.

Meanwhile, Vojtecj Ferencz, Slovak Republic’s State Secretary and First Deputy Minister of Economy, highlighted that companies like TCS and Jaguar Land Rover had invested in his country, and he called for further Indian investment.

Some of the sectors which could be considered include automobiles and auto components, electronics, and electrical equipment, among others.

Separately, Mariyana Nikolova, Bulgaria’s Deputy Prime Minister for Economic and Demographic Policy, has invited Indian Industry to invest in her country.

Bulgaria has a predictable and stable policy framework as well as one of the lowest tax rates in Europe at 10% for corporates, said Nikolova.

The areas where Bulgaria and India can work together include pharmaceuticals, chemicals, machinery and agri and food processing, among others.

She also highlighted Bulgaria’s strengths in both hardware and software and felt that Indian companies could be an ideal partner.

Presenting the business and investment opportunities in Bulgaria’s tourism sector, Lyuben Kanchev, Deputy Minister of Tourism, said that the country is particularly focusing on cultural and historical tourism.

Bulgaria ranks third in terms of archeological monuments in Europe after Italy and Greece, he added.

Dr Boyko Takov, Executive Director of Bulgarian Small and Medium Enterprises Promotion Agency, said, “This year marks the first anniversary of the signing of the memorandum of cooperation between the Bulgarian Small and Medium Enterprises Promotion Agency and the Federation of Indian Chambers of Commerce and Industry (FICCI). It aims to stimulate exchange of economic and business information, business delegation and organize trade fairs and joint events.”

Tsvetan Simeonov, President of Bulgarian Chamber of Commerce and Industry said that Bulgaria considers India as friendly country and a serious partner. Recalling the Bulgarian Chamber’s first agreement with FICCI in 1976, he said that sectors like tourism and food processing can be the new areas of cooperation.

“Renewable energy, IT & ITeS, pharma, and agri products are some of the key areas for cooperation between India & Bulgaria. Tourism offers enormous potential as only 6.3% of Indian tourists visit Bulgaria, whereas Western Europe attracts 63% of the Indian tourists,” added Rakesh Bakshi, CMD, RRB Energy Ltd.

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