Bangalore: The Indian small and medium enterprises (SMEs) are all set for a introduction to the world of German technology. The Indian SMEs will be collaborating with Germany which will benefit them in a big way, said Union Minister of Commerce Industry and Textile Anand Sharma Wednesday.
"Small and medium enterprises which form the backbone of Indian industry, employing 26 million people, contributing to 45% of our manufacturing output and 40% of total exports would benefit immensely through a technology collaboration with Germany" said Sharma while speaking at meeting of German and Indian CEOs in Berlin.
Sharma had requested for better collaboration between India and Germany in the field of generics after a meeting with German Federal Minister of Economics & Technology Philipp Roessler.
"Generics constitutes just about one-fifth of German pharmaceutical industry, but the recent moves of German Government to promote the use of generics affords enormous opportunities of collaboration with Indian Pharma companies, which have acquired global repute in developing affordable generic medicines," Sharma said.
Expressing his views on mutual investments, Sharma revealed that India has more than 1600 Indo-German collaborations and over 600 Indo-German joint ventures in operation. Furthermore, he also gave an example of the BMW market in India, of how BMW has emerged as one of the largest selling luxury cars in India. He also added that Indian corporate leaders have been equally enthusiastic about investing in Germany, given the welcoming investment climate and the natural synergy which exists between the two countries reports SME Times.
"Indian corporate entities invested over US$ 6 Billion in Germany. Indian industry majors such as Tata Motors, Bharat Forge, Suzlon and the Mahindras group, Wipro, Infosys have all established their base in Germany. There are 215 Indian companies active in Germany employing over 24,000 people," Sharma added.
The minister also highlighted that the trade between the two nations reached nearly US$ 23.64 billion last year which has doubled over a period of last five years.He expressed confidence that the trade target of Euro 20 Billion by 2012 will be surpassed.
He expressed satisfaction over successful organization of the on-going 'German Year in India' that was launched in September 2011, and will end in November 2012. The two Minister will inaugurate ‘Days of India’, which will will end in March 2013, in Germany at the Hamburg Port Festival on Friday.
"This is indeed a splendid way of commemorating the 60th Anniversary of establishment of diplomatic relations between India and Germany," said Sharma.
