India and Germany have agreed to accelerate “cooperation” and explore new areas to promote trade and investment aimed at strengthening bilateral ties.
The agreement came when the senior officials of the two nations – Indian Commerce and Industry Minister Anand Sharma and German Minister of Economics and Technology Philipp Roesler – held talks in Berlin this week as part of the second India-Germany Inter-Governmental Consultations.
“The officials identified modernization of India’s infrastructure as an area holding tremendous potential for cooperation in the coming years and decided to set up a working group to promote German investments and deployment of German technology in this area,” a press statement said, following the meeting.
During talks, the German side expressed interest in participating in India’s "mega infrastructure" projects, such as the $90-billion Delhi-Mumbai industrial corridor being built with financial assistance from Japan and a similar facility planned between Mumbai and Bangalore.
Sharma and Roesler agreed to cooperate on these projects, and also reaffirmed the importance of further strengthening economic and commercial relations between the two nations. “Further expansion of German business and industry’s engagement in India will be a major step in this direction and the potential is especially great for deploying German technology in a number of fields, particularly infrastructure development,” Roesler said.
“India intends to seek greater trade and investment ties with Germany, as we continue to take steps to boost domestic investments, attract foreign investors and spur the economy back to its long term growth potential of 8 percent,” Prime Minister Manmohan Singh said.