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CII identifies 9 sectors for Indo-EU cooperation
By siliconindia
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Friday, 04 October 2002, 19:30 IST
BANGALORE: The Confederation of Indian Industry (CII) has identified nine specific sectors for higher bilateral trade and investment flows between India and Europe.
The sectors identified include advertising, biotechnology, entertainment, environmental products and services, education, financial services, health services, information technology and R&D and design.
In a paper prepared for the Indo-EU Business Summit to be held in Copenhagen on October 8-9, 2002, CII is of the opinion that there is a need to emphasize on all these sectors since there already exist some synergies between the two sides on these emerging sectors.
The paper states that besides the new economy sectors, the traditional business strengths of the European Union and India undoubtedly can be augmented. It is the small and medium enterprises, which constitute the backbone of EU economy as well as that of India. A large scope exits for greater integration between these enterprises of the EU and India.
SMEs in Europe are technologically advanced, but they face global competition from China and the prospects of a slower growth in the European market. On the other hand, the Indian SME sector is ripe for technological, financial, and managerial cooperation with European SMEs.
"We could look at tie-ups to serve the large and fast growing Indian market or even joint-ventures for third-country markets".
The paper also talks of building a relationship between the European Union and the states in India.
Just as the emergence of the European Union is a new reality, regions and provinces in each of the countries of the European Union are displaying a new dynamism - a trend, which is evident also in India.
Each of the regions in the EU - owing to their differing geopolitical realities - are growing into pockets of excellence for different sectors - ranging from food-processing to IT to gems and jewellery. A similar scenario exists in India, which, provides a maturecontext for promotion at a deeper level of `a region to state' or a cluster-to-cluster approach specific to a sector, the paper said. CII has also proposed promoting institutional contacts, marketing linkages and technological collaborations within the EU dedicated to the Indian enterprises.
CII President Mr. Ashok Soota is leading the CII team of over 35 CEO's for the Third Indo -EU Business Summit in Copenhagen on 8 & 9th October 2002. CII has only last month opened its fifth office in Europe in Brussels to focus on the European Union and European Commission.