Berlin: Commerce and Industry Minister Piyush Goyal wants India–Germany trade to grow tenfold, from €31 billion to €310 billion.
He made the pitch during a two-day visit to Berlin, where an Indian industry delegation joined him for talks with German ministers, companies and researchers.
Key points
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Goyal proposed a €310 billion India–Germany trade target, ten times today’s level.
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He said the India–EU FTA will be signed soon and could be in force within four to five months.
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He met German Economy Minister Katherina Reiche and leading German companies.
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An Indian industry delegation travelled with him and joined the Embassy’s “Make in India Mittelstand!” event.
“Add a zero”
At a business event, Goyal reminded the audience that India gave the world the zero. Then he made his pitch:
“We have 31 billion euros (bilateral trade at present). If we were to be able to add a zero to that, make it three hundred and ten, how would that sound?”
He said it was up to businesses to draw up a plan to get there.
Indian industry delegation
Founders and executives of Indian companies are with Goyal in Berlin from 22 to 24 October.
At an event hosted by the Embassy of India, Goyal and India’s Ambassador to Germany took part in “Make in India Mittelstand!”. The embassy programme helps German mid-sized and family-owned companies set up and grow in India.
FTA signing “very rapidly”
India and the EU closed talks on their Free Trade Agreement on 27 January. Goyal said the deal “will move very rapidly towards signature” and could be in force within four to five months.
He asked companies to get ready now: start sampling, and share quality needs and pricing. That way they will be “first off the block” when the agreement starts.
Meetings in Berlin
Goyal met Katherina Reiche, Germany’s Federal Minister for Economic Affairs and Energy. They discussed industrial cooperation and how the FTA can grow trade, investment and supply chains.
“You (Indian industry) are more than welcome here,” Reiche said.
Goyal also:
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co-chaired an India–Germany Business Roundtable with leading German CEOs, together with the German Council on Foreign Relations (DGAP) and the Asia-Pacific Committee of German Business
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held talks with Siemens Healthineers, Bertelsmann, Volkswagen, Škoda Auto, Bayer, Knauf and Fresenius
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opened an India Centre at DGAP
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met heads of Fraunhofer Institutes working on microelectronics, smart manufacturing and battery technology
German precision, Indian talent
At the Berlin Global Dialogue, Goyal said joint research with Germany could create “huge opportunities” for innovation and manufacturing in India.
“Can you imagine German precision technology and engineering, Indian talent and affordable costs.”
He also asked how India could learn from Germany’s apprenticeship and skilling programmes.
“Trust is the hardest currency,” he said.
Photo: Piyush Goyal (left) and India’s Ambassador to Germany at the “Make in India Mittelstand!” event in Berlin. Photo: Pulkit Chaturvedi
