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Europe meets India: “Global Partnership in Emerging Areas of EU – India Relations” Nayan Patel, President Indian Merchants Chamber 9th. November 2006 Introduction • 2006 marks 43 years of formal EU-India relations • India and many countries of the EU have shared strong historical, trade and economic relations • Comprehensive Economic Cooperation Agreement (CECA) with the EU Recent Events • The EPFIN Group is in India to strengthen India EU Partnership • The 7th. India-EU Summit in Helsinki • EU is India’s largest trading partner • EU is also the leading investor in India and a major destination for Indian investors • UK is now the third biggest investor in India • India is the second largest foreign investor in the UK INDIA CALLING 2006 – Leveraging the India – UK Business Relationship - London Recent Events Prince Andrew The Duke of York Described India as a better investment destination for British companies than China . India had an advantage for British investors because of the common language, the existence of rule of law and democracy People should not be afraid of outsourcing: they should embrace it. Technology, education and values of Indian BPOs contributed to the success of British Companies Recent Events Guy Verhofstadt Prime Minister of Belgium India an upcoming economic & political power Two pronged agenda - Political & Economic Belgium – gateway to European Markets Knowledge Based Services, Logistics, Infrastructure & Aeronautics India & Belgium signed bilateral social security agreement on 2nd. November 2006 What India is looking for? • Better recognition of Certification for Degrees • Free mobility for Service Providers • Jobs for rising pool of Technologists What the EU wants? • Greater access to Industrial Goods • Reduction in Import Duties • Liberalization of Financial Sector To bridge this Gap High level group on trade, co-chaired by Indian Commerce Secretary and his EU counterpart to meet in December on the Trade & Investment Agreement London Stock Exchange (LSE) wooing Indian companies India’s Growth Stories • India retains a robust growth outlook. The long tem growth is expected to be still brighter • India ranks 43 in Global Competitiveness Index Emerging Opportunities Urban Infrastructure & Roads Higher & Technical Education Knowledge Based Services Consumer & Retail Healthcare Oil & Gas Finance & Banking Commodity Markets Media & Entertainment Power Sports India’s Growth Stories • Series of acquisitions by Indian companies indicates that Indian corporates are fast taking global leadership position • Indian firms have acquired 307 companies worth over $20 billion • India is thus set to become a net FDI exporter India’s Demographic Dividend • India’s population is over 1 billion, 400 million are estimated to be middle class consumers • India offers a young vibrant market with 54% of the population less than 25 years of age • Domestic consumption of goods and services set to double over the next 10 years • Number of households with high income estimated to increase by 60% in next four years to 44 million EU’s Initiatives • Radical strategy for energy market • Unified VAT tax in EU – India needs to learn • Reduction in the cost of trading shares between bourses in the 25 member states • Ushering in a PAN-European Securities Market EU’s Initiatives Tony Blair Prime Minister of UK “The country has to remain a leader in innovations to prevent research funds migrating to emerging economies such as India & China” Concluding Remarks • IMC interested in intensifying India-EU interactions • India and the EU have much to contribute towards fostering a rule, based on international order • Common challenges — globalisation, terrorism, energy security and environment Concluding Remarks • Need to upscale and bridge the skill gaps of the Indian workforce - an area where EU could be of great help • IMC has initiated a Value Added Vocational Training Program • Setting up of an EU Information Desk & Trade Facilitation Centre under the aegis of TIDP, sponsored by EU and Govt. of India IMC’s Objective • To build a strategic business partnership between India and the EU • Project select countries in EU and India as attractive investment destinations • Encourage technical collaborations and joint ventures • Motivate expatriate Indians to participate in building a powerful, modern and vibrant India Future • India is changing… • There is a ‘can do’ attitude and a confidence that India can match the best in the world • All this is just a beginning in India’s long road ahead in the 21st century world economy… We are working hard to evolve a new Indian economy involving 1.1 billion people in which the entire world has a stake… We invite you to join us in this exciting journey Thank You