India, Germany should aim to double trade to $30 bn by 2014

New Delhi, Sep 27, 2010 (Calcutta Tube) India and Germany should identify sectors of potential partnership and evolve a roadmap to double two-way trade to $30 billion by 2014, an industry lobby said Sunday.

‘Given the strong foundation of mutual respect and long-standing economic relationship, the two countries can take advantage of renewed growth conditions to reach a higher level of economic cooperation,’ the Confederation of Indian Industry (CII) said in a report.

In 2009-10, the two-way trade between India and Germany was $15.7 billion. Germany was India’s 5th largest export partner at $5.4 billion and eighth largest source of imports at $10.3 billion in 2009-10.

India imports machinery, electronics technology, metal products, iron and steel products and automotives from Germany. It exports apparel, electrical equipment and organic chemicals to Germany.

Germany’s cumulative investments in India from 2002 to 2009 stood at $2.8 billion. The country has also been a major supplier of technology, accounting for over 13 percent of total technology transfer approvals.

German Minister of Economics and Technology Rainer Bruederle, who led a business delegation to India last week, said Germany was committed to strengthen business ties with India by liberalising visa, trade and investment norms.

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