German companies increasingly confident in investing in India

Nearly six out of 10 German companies are planning to increase their investments in India in the current fiscal year, PTI news agency quoted German Ambassador to India Philipp Ackermann as saying.

German Daimler trucks are manufactured in India. (Source: DPA)

Speaking to reporters on June 28, Ambassador Philipp Ackermann emphasized German businesses' "readiness to invest in India", with increasing trust and confidence in the market of more than 1.4 billion people.

According to the recently released German India Business Outlook 2024 survey, 78% of companies expect sales to increase and 55% forecast higher profits.

There are currently more than 2,000 German companies operating in India. German investments in India are mainly in the transport, electrical equipment, metallurgical industry, services (especially insurance), chemicals, construction, trade and automobile sectors.

Also at the meeting, Ambassador Philipp Ackermann revealed that German Chancellor Olaf Scholz is scheduled to visit India in October for extensive talks with his counterpart Narendra Modi, focusing on promoting bilateral economic and trade relations.

“Ease of doing business” in India will be at the top of Chancellor Scholz’s agenda in the land of the Ganges.

Besides, measures to strengthen defense relations are also expected to be highlighted during the discussions.

According to Ambassador Philipp Ackermann, more and more German defence companies are looking at the Make in India initiative in the defence sector.

German defence company Thyssenkrupp Marine Systems (TKMS) and Indian shipbuilder Mazagon Dock Ltd have signed a framework agreement to jointly bid for an estimated $5.2 billion project to build six submarines for the Indian Navy.

The bidding process for the project, dubbed the P-75 India, ended in August and the Ministry of Defense is likely to decide on the contract winner by the end of this year or early next year.

Source: https://baoquocte.vn/cong-ty-duc-ngay-cang-tin-tuong-dau-tu-vao-an-do-276776.html