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Addressing the News9 Global Summit, Prime Minister Modi emphasized the strong partnership between India and Germany, calling it a “responsible partnership” that is vital for sustainable growth.
“The theme of this Summit, ‘India – Germany: A Roadmap for Sustainable Growth,’ symbolizes the joint commitment to fostering a sustainable and prosperous future for our nations,” Modi stated.
He continued by highlighting the strategic importance of Europe to India, particularly in terms of geopolitical relations, trade, and investment. In this regard, Germany stands as one of India’s most valued partners.
The year 2024 marked a significant milestone as it celebrated 25 years of the Indo-German strategic partnership. This anniversary was made even more special by German Chancellor Olaf Scholz’s visit to India in October.
During his visit, the Asia-Pacific Conference of German Businesses was organized in Delhi, where Germany unveiled the ‘Focus on India’ document. Additionally, the Skill Labor Strategy for India was released, showcasing Germany’s dedication to strengthening ties with India.
Prime Minister Modi praised India’s economic growth, stating that its position as the fastest-growing economy has made it a desirable partner for nations worldwide. He attributed this success to India’s ability to foster collaboration and mutual development.
“Germany’s ‘Focus on India’ document is a testament to this,” Modi noted, “and it reflects the global recognition of India’s rising significance.”
The Prime Minister also shed light on the thriving business relationship between the two countries. Over 1,800 German companies are currently operating in India, having invested USD 15 billion in the last few years. This has resulted in a bilateral trade volume of USD 34 billion, and Modi expressed confidence that this trade will continue to flourish due to the strengthening partnership between the nations.
Germany holds the position of India’s largest trading partner in Europe, consistently ranking among the top 10 global partners. According to the Embassy of India in Berlin, Germany was India’s 7th largest trading partner in FY 2020-21 and 10th during FY 2021-22 up to October 2021.
The bilateral trade figures for 2021-22 (until October 2021) stood at USD 13.83 billion, reflecting a 16% increase compared to the previous fiscal year. Indian exports witnessed a significant surge of 27%, totaling USD 5.4 billion, while Indian imports increased by 10%, reaching USD 8.4 billion.
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