'German businessmen want to increase investment in India', Ambassador Philip Ackermann asked what is the main reason
Investment: India and Germany are now coming together to move forward forgetting their past. The German ambassador has said that after many important agreements between the two countries, German businessmen are now also looking at India as the best place for investment.
According to the German ambassador, Philip Ackermann, in an interview Friday, India is a stable area for investment to German business people. Tax and tariff issues to be sorted under the India-EU Free Trade Agreement will make way for more German investment in India. Further, its German Chancellor Olaf Scholz is likely to visit India this October, said Ackermann. Business and trade relations can be the main focus during this period, he said. Migration will also be one of the significant issues to be discussed during the period, said Ackermann.
What comes out clearly from the survey is that German businessmen in India are very optimistic and excited about India," Ackermann said while releasing the German India Business Outlook 2024 survey. The surveys found that around 80 percent wanted to expand, re-invest, build more factories, and invest more in India.
According to Ambassador Ackermann, German businessmen are enthusiastic about investing here because they find a huge potential in the Indian market. They find India's growth rate very impressive, which makes them very happy. And again, after the recent Lok Sabha elections, they find India a very stable and better place to invest. During this, Philip Ackermann also described the long-pending free trade agreement between India and the EU as a game changer.
He said no specific time frame has been set for the signing of a free trade agreement; he said it will take some time.
The FTA relationship is very complex, and it takes time, said Ackermann. We have now seen the ninth round, if I am not wrong, which ended a day or two ago. We are in the process of negotiations. We think the FTA is essential for our business; if it is a game changer, it will be even more critical, he said. He also informed that German Chancellor Olaf Scholz may visit India, saying that the Chancellor will travel to Delhi and admit part of his cabinet members, including German ministers, who will accompany him. He will meet with their Indian counterparts to develop the upcoming programs, projects, and roadmap. Though the date of his visit is not fixed, it could be any time in the second half of October.
