The Telegraph
Wednesday , May 21 , 2014
CIMA Gallary

Germany bid to boost trade ties

Calcutta, May 20: Germany is keen on collaborating with India in areas such as grid expansion, electricity storage and the exploration of clean energy sources, German consul-general in Calcutta, Rainer Schmiedchen, said today.

The signing of the free trade agreement between India and the EU is expected to further boost relations between the two countries over the next decade.

“Two years back, when the German solar energy industry was in dire straits, Indians came trying to buy companies. But that story is over now. Now it is investments in grid expansion, storing technologies and wind, which are very popular these days,” he said. He was speaking at a session organised by the Calcutta Chamber of Commerce here today.

Germany is India’s largest trading partner in the European Union and the fifth-largest globally. Germany is also India’s second-largest technology partner.

Bilateral trade rose 18.4 per cent to 18.37 billion euros in 2011. However, it fell 5.5 per cent to 17.4 billion euros in 2012 because of the the global economic slowdown. According unofficial estimates, trade was expected to touch 20 billion euros in 2013 but it fell short of the target. From January to August 2013, trade stood at 11.7 billion euros.

India exports garments, chemical and pharmaceutical products, iron and steel to Germany.