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Indo-German ties, which have traditionally been close and amicable, are particularly characterised by intensive co-operation in the fields of economy. Indo-German economic relations have taken shape as early as the 19th century with first German companies like Krupp AG, Siemens and Bayer AG. Due to their high technological standards, efficient business, execution and long term commitment, German companies in India have earned themselves a good reputation.
India offers a huge potential for foreign trade and investments. India's democracy and market economy ensure a sound political system and legal framework, fundamentally strong micro economic structure, skilful entrepreneurs and brilliant engineers. But less than 1% of Germany's foreign trade is exchanged with India and India accumulates less than 1% of our investment. This means for India there is a huge untapped potential. Germany stands among the top five trading partners of India. Total volume of trade between India and Germany recorded 8,1 billion DM in 2000 with Indian exports reaching 4, 4 billion DM and Indians imports recording 3, 7 billion DM. Indo-German trade reached almost 9 billion DM in 1997 and Indian exports to Germany have shown a growth of close to 10% every year. This quick reaction to the economic reforms shows Germany's sustained interest and belief in the potential of this country. The continuation of the economic reforms will have positive effects on the bilateral relation. In 1998 Germany was India's fifths largest supplier, providing 7% of Indian imports and the third largest buyer absorbing 6% of Indian Exports. Among Germany's trading partners, India has 30th position in a world-wide ranking of suppliers and ranked 36th among buyers. India's major exports to Germany normally consist of cotton garments and fabrics, leather and leather goods, chemical and pharmaceutical products, silk fabrics and garments and carpets and rugs as well as precious stones. India's chemical exports have been recording strong growth in the past two years. India's major imports from Germany are mainly machinery, chemicals an pharmaceuticals, electro technical goods, vehicles and iron and steel. The trends in Indo-German trade since 1993
The Future
1. Prospects for increasing bilateral trade between India and Germany are good
The huge Indian requirement for up-to-date equipment to modernize and restructure the Indian economy. Whether this extends to broadband for online bingo and other new-wave digital entertainment sources, or simply newer technology in an industrial or even medical capacity, all will benefit the Indian economy in some form or another. Enormous demand for consumer goods to satisfy the rising demands of the Indian consumers. Rising awareness among Indian population towards environmental protection and the need for the transfer of environmentally sound technology. Indian exports to Germany are getting more and more sophisticated and diversified. the quality of goods is improving The completion of the internal market of the European Community and the creation of the European Monetary Union may boost economic growth and creating additional demand for Indian goods. The European Union is already by far India's biggest trading partner in the world. The large European market of nearly 380 million consumers with high purchasing power is open for imports from all over the world. The current Indian government which presented its third budget in February 2001 attempts to boost the reforms process. Many reform projects have been brought up to create the framework for an increasing growth of economy. Indian takes care as well to fulfill its obligations demanded by the WTO. In April 2001 the restrictions of quantity for the last 715 groups of good shall be lifted.
b) Indo-German Export Promotion Project (IGEP) Set up under a bilateral agreement between India and Germany, the Indo-German Export Promotion Project is a joint trade promotion programme of the Ministry of Commerce in India and the Ministry of Economic Co-operation and Development in Germany. IGEP plays a pivotal role in promoting Indian exports to Germany and the European Union. Its special support concentration has been on small an medium-sized manufacturing and exporting companies in the private sector. IGEP's trade promotion programmes provide commercially focused services, pragmatic and practical.
Name of the Country USA Mauritius U.K. Germany Summe (zzgl. brige Lnder)
(Source: Ministry of Industry, Annual Report 1999-2000)
Year
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 (01.0130.11)
Technical Collaboration
122 118 98 121 123 113 95 85 69 70 33 37 37
Financial Collaboration
35 83 75 96 129 150 159 108 139 131 123 111 111
- November Co-ordinator of the Indo-German Aerospace Relations, Mr. Oettl in Delhi, Bangalore and Goa - October State Secretary, Federal Ministry of Agriculture in New Delhi - 11.04.-13.04.2000: Mr. Wolfgang Ischinger, State Secretary, Federal German Ministry of External Affairs for consultations
2000:
2000:
- 10.04.-11.04.2000: 14th meeting of Indo-German Joint Economic Commission led by Indian Finance Minister Mr. Yashwant Sinha and his German counterpart Dr. Werner Mller in Berlin - 27.01.-02.02.2000: Delegation from the Ministry of Economics, Transport, Agriculture and Viniculture of the State of Rhineland-Palatinate under its State Secretary Gnter Eymael - 05.12-07.12.1999: President of the German Upper House and Prime Minister of Saxony, Prof. Dr. Kurt Biedenkopf, visited the Indian Economic Summit - 21.08.1999: Dr. Walter Dring, Deputy Chief Minister and Minister for Economic Affairs, Baden-Wrttemberg, to inaugurate the "Baden-Wrttemberg Day" in New Delhi - 07.06.1999: 13th meeting of the Indo-German working group on coal - 10. 02.-12.02.1999: Delegation from the Ministry of Finance, Transport and Technology of the State of Bavaria under its State Secretary Mr Hans Spitzner and their official Participation in "India Engineering Trade Fair" the biggest engineering fair in India. - 26.10.-29.10.1998: Delegation from the Ministry of Economics of the State of Northrhine Westfalia under its State Secretary Bickenbach and their official participation in "IMME '98" the biggest fair for metals and metallurgy in India. -23.03.-28.03.1998: Delegation from the Ministry of Agriculture under State Secretary Dr. Franz-Josef Feiter and official Participation of the ministry in two agro-fairs, International Dairy Exposition '98 and International Poultry Exhibition. - 22.03.27.03.1998: Dr. Walter Dring, Minister for Economic Affairs, Baden Wrttemberg along with Delegation of Companies from Baden Wrttemberg to participate in technical Symposia -08.01.-09.01.1998: 13th meeting of Indo-German Joint Economic Comission led by Federal Economics Minister Dr. Gnther Rexrodt and his Indian counterpart Dr. P. Chidambaram in New Delhi.