Germany Confident Of $20 Billion Trade With India By 2012

KOLKATA: Given the current trend in India’s growth trajectory, it would not be difficult to achieve the target of raising bilateral trade to $20 billion by 2012, the director-general for Asian and Pacific affairs, federal foreign office of German government, Hans-Henning Blomeyer-Bartenstein, said.

Speaking at a symposium on Indo-German collaborations, organised by Indian Chamber of Commerce, Mr Bartenstein indicated that given the current dynamism of the Indian economy, Germany is interested in investing in transport, infrastructure development, renewable energy, efficient management of energy and environment, science and technology in collaboration with Indian partners.

Already, the fora on Indo-German Energy and Indo-German Environment are trying to explore possibilities of joint collaboration in generation of renewable energy, particularly solar and wind power-driven energy and other projects relating to efficient management of energy to cut down on pollution. “Such initiatives will be further strengthened in the coming months,” said Mr Bartenstein.

In the first six months of 2007, bilateral trade between the two nations has touched a record $7.62 billion, up by 15.63% over the corresponding period last year.

India’s exports to Germany during January-June, 2007, has increased 12.64% to $3.2 billion and imports from Germany by 17.86% to $4.44 billion. Among foreign investors in India, Germany ranks 6th with total investment of $1.7 billion.