Download Karnataka Governor tells Central European leaders to Invest

Karnataka Governor tells Central European leaders to Invest in
India, tap large Indian consumer market
Build digital platform to hold frequent India-Central European
business meetings: Secretary (West) Navtej Sarna
Bengaluru, 6 October 2015: India is an attractive market for Central European
businesses. However, to get the best returns from the Indian market, Central European
businesses should look to invest in the country and leverage the low-cost raw materials
and labour that is available to produce the same products at costs that would be lower
than imported goods. Stating this in his in his keynote address at the Valedictory
Session of the 2nd India-Central Europe Business Forum conference organised by the
Federation of Indian Chamber of Commerce & Industry (FICCI) in Bengaluru, Shri
Vajubhai Rudabhai Vala, Governor of Karnataka, said that the state of Karnataka
and the city of Bengaluru in particular would be one of the most attractive investment
destinations for Central European businesses.
Shri Vala highlighted Bengaluru’s pre-eminent position as a hub of information
technology and biotechnology companies. In his concluding remarks, Mr Vala urged the
Central European business leaders to leverage the emerging investment opportunities
that are unfolding in the country in the wake of Government of India’s ‘Make in India’
campaign.
Mr Navtej Singh Sarna, Secretary West, Ministry of External Affairs, Govt. of India,
said in his valedictory address that an electronic platform should be created to facilitate
specific meetings between Indian and Central European businesses on a monthly basis.
He appreciated the use of an electronic platform to facilitate business-to-business
meetings at the ICEBF conference.
Mr Sarna said the ICEBF is a unique forum that connects two regions that are culturally
drawn towards each other. He mentioned that many Central Europeans relate to India
culturally and spiritually.
He said the Government of India is taking strident steps to create a highly conducive
environment for doing business in India. He referred to the surge in FDI inflows into
India, 7.5% GDP growth forecast, $350 billion forex reserve, among other indicators as
clear signals that India is on a sustained high growth path.
Mr Sarna also mentioned that he saw a qualitative and quantitative improvement in the
level of participation in the 2nd ICEBF convention, as compared to the first edition. 200
delegates from 18 Central European countries participated in the convention, and also
conducted B2B meetings with Indian delegates.
Mr Laszlo Szabo, Deputy Minister of Foreign Affairs & Trade, Hungary, quoted Sri
Sri Ravi Shankar that nature will never confront you with a problem that you cannot
solve. The ICEBF was the answer to numerous questions that delegates had with
regard to investment opportunities in India. Queries like how to promote economic
growth in an environmental friendly manner, how to create a sustainable growth that
would benefit both businesses and people were answered in this business forum, he
said.
The one-on-one meetings with delegates of the participating nations along with
interactive sessions proved to provide the answers, said Mr Szabo, adding that the key
highlight of the convention was the signing of an MoU between the Government of
Karnataka and Hungary for identifying potential areas of cooperation. Mr Laszlo also
invited the Indian delegates to the Inter-Governmental Joint Economic Committee to be
held at Budapest.
Dr Jyotsna Suri, President, FICCI, in her opening address stated that the Indian IT
industry is today globally acknowledged. India is also a global leader in pharma
manufacturing. Economic cooperation between India and Central Europe will help in
boosting the bilateral pharma trade, she said.
With its large consumer base, India has emerged as an investment destination and the
world is looking at India in a highly positive manner, said Dr Suri. The ‘Make in India’
campaign and ‘Digital India’ initiative of Government of India has opened vast avenues
for businesses to cater across all economic sectors. Dr Suri, on behalf of FICCI,
committed full support to ICEBF to be organised as an annual flagship forum.
In his closing remarks Mr Rakesh Bakshi, ICEBF Convenor and CMD, RRB Energy Ltd.
emphasised on the fact that India is “on the move”. He also thanked the 400 delegates
present from India and central European countries in making the Forum a grand
success.
FICCI MEDIA DIVISION