Germany is the fifth largest economy in the world and the largest in Europe in PPP terms. It is known for its technical advancement and skilled labour force. Bilateral relations between the two countries are based on common principles of democracy as well as common views on international trade. In 2011-2013, we celebrated 60 years of diplomatic relations between India and Germany. India’s total trade with Germany increased from US$ 20.3 billion in 2014-15 to US$ 24.1 billion in 2018-19, registering a growth of 18.4%. Germany is currently India’s eighth largest trading partner, with total trade standing at US$ 16.04 billion in 2019-20(April-Dec).
Engineering is one of the major sectors of bilateral trade between India and Germany. The proposed FTA between India and the European Union, which is most likely to be finalized in the next couple of years, will boost Indo-German Trade significantly.
India’s engineering exports to Germany increased from US$ 2.1 billion in 2014-15 to US$ 3.2 billion in 2018-19, registering a CAGR of 11.2%. Germany ranks among the top 5 India’s engineering exports destinations, with a share of 4% out of India’s total global engineering exports in 2018-19.
Engineering products such as electrical machinery, products of iron and steel auto components and parts, other industrial machinery, iron and steel, aircraft and spacecraft, IC engines and parts, medical equipments, etc. are one of the main engineering segments exported to Germany during 2018-19 because of enormous demand in the region.
Scope & opportunity for Indian Engineering products & services
Germany is an important gateway to all of the European Union member nations and other countries of Europe. Germany, being one of the richest, technologically advanced and economically developed economy of the world, offers excellent investment opportunity for foreign investors with high returns in almost all sectors of the economy. A new record shows that worldwide demand for robotics and automation technologies from Germany remains high. Indian industries are improving their automation capabilities bringing it at par with global standards due to the pressing need for operational excellence, improved productivity, quality and to maintain six sigma standards in the production processes. India is thus aiming to improve its infrastructure capabilities to attract more global investors and to boost its manufacturing capabilities. Several Indian industries are upgrading their existing automation technologies as they reduce production time and promote safety and efficiency in a manufacturing or a processing unit.
13 – 17 July 2020
Daily 9 a.m. to 6 p.m.
Mr. Mukesh Samtani