India and the countries of the Europe 29 region can be beacons of growth in a slowing world. This was stated by Mr. Piyush Goyal, Minister of Commerce & Industry and Railways at the India – Europe 29 Business Forum which is being organized by the Confederation of Indian Industry (CII) and the Ministry of External Affairs, Government of India in New Delhi today. The Europe 29 (E29) region refers to the 29 countries in Central, Eastern and Northern Europe.
According to the Minister, the two regions have a very strong historical and cultural connect with each other. The two regions could capitalize on this connect and develop a strong economic relationship with each other. He stated that the two regions have complementary strengths especially in areas such as smart cities, renewable energy, start-ups IT & ITeS. In addition to this, he suggested that promotion of bilateral tourism could also be considered as a major area of cooperation. The Minister was of the view that the E29 region could also act as a gateway for Indian products to the wider European market.
Mrs. Mariyana Nikolova, Deputy Prime Minister for Economic and Demographic Policy, Bulgaria invited Indian Industry to invest in Bulgaria. She stated that Bulgaria has a predictable and stable policy framework as well as one of the lowest tax rates in Europe at 10% for corporates. The areas where Bulgaria and India can work together include pharmaceuticals, chemicals, machinery and agri and food processing, among others. She also highlighted Bulgaria’s strengths in both hardware and software and felt that Indian companies could be an ideal partner.
Mr. Vojtecj Ferencz, State Secretary and First Deputy Minister of Economy, Slovak Republic highlighted that companies like TCS and Jaguar Land Rover had invested in the country, and there was a need to step up Indian investment. Some of the sectors which could be considered include automobiles and auto components, electronics, and electrical equipment, among others.
20 November 2019
New Delhi