Hannover, April 13 Inviting more German companies to invest in India, Prime Minister Narendra Modi on Monday asked potential foreign investors to come to the country to see for themselves the easing of India’s regulatory environment.
“Indo-German partnership should and will flourish. My advice to you is come and feel the change in India’s regulatory environment,” Modi told an Indo-German business summit here.
India is the partner country this year at the world’s largest industrial fair, the Hannover Messe, which was inaugurated on Sunday by Modi jointly with German Chancellor Angela Merkel.
“I am here to assure the German companies that India is now a changed country. Our regulatory regime is much more transparent, responsive and stable and we have removed a lot of regressive taxation regimes,” he added.
“Participation at Hannover Messe will be beneficial for both sides,” the prime minister said.
Hannover Messe, which exists since 1947, normally has around 6,000 exhibitors and about 200,000 visitors over a one-week period.
India was last partner country in 2006, while the Indian business participation this year has 350 companies taking part.
India is very much present in Germany these days through the lion logo representing the ‘Make in India’ campaign unfurled all over the country, at airports and other public places.
“The symbol of the lion has been carefully chosen. The lion cannot be stopped, like our journey cannot be stopped, that too by our own rules,” Modi said.
“There is more potential in Indo-German economic collaboration. Our economic partnership is not as much as what both nations would like to have,” he added.
Germany is the eighth largest foreign direct investor in India. German FDI in India during the period 1991-2014 was valued at $7.57 billion.
Germany is also India’s largest trading partner in the European Union, with bilateral trade amounting to some 16 billion euros in 2014.