The synergy between the government and the industry has been identified as the key factor in unlocking the next phase of bilateral ties between countries according to India’s External Affairs Minister, Dr. S Jaishankar.
Speaking at the Indo-German Business Summit, Dr. Jaishankar highlighted the importance of a strong partnership between the government and the private sector in driving economic growth and fostering deeper relations between nations. He emphasized the need for both sides to leverage each other’s strengths and work together towards a common goal of mutual development.
At a time when the world is facing unprecedented challenges caused by the COVID-19 pandemic, this message of collaboration and synergy becomes even more relevant. As both India and Germany look towards post-pandemic recovery, it is crucial for them to tap into each other’s potentials and build a stronger and more resilient partnership.
India and Germany have a long history of bilateral ties, which have continued to grow and deepen over the years. Germany is India’s largest trading partner in the European Union and among the top ten globally. The two countries share a strong economic relationship, with German investments in India amounting to over $12 billion, and the trade volume between the two countries reaching close to $25 billion in 2020.
However, there is still immense potential for both countries to strengthen their ties further. Dr. Jaishankar emphasized the need to move beyond the traditional sectors of cooperation and explore new avenues of engagement. He highlighted the fields of green energy, digitalization, and artificial intelligence, which offer promising opportunities for both India and Germany to collaborate and create a win-win situation.
India is one of the fastest-growing major economies globally, and with its ambitious goal to become a $5 trillion economy by 2025, the country offers vast potential for foreign investments and partnerships. On the other hand, Germany, with its advanced technology and expertise, can support India in achieving its development goals and create a mutually beneficial partnership.
The Indian government has taken several reform measures to ease the business landscape and attract more foreign investments. The introduction of the Goods and Services Tax (GST), the Insolvency and Bankruptcy Code (IBC), and the new Production-Linked Incentive (PLI) schemes are some of the significant steps taken to provide a conducive business environment. These measures have helped India attract more investments and improve its ranking in the Ease of Doing Business index.
Dr. Jaishankar also highlighted the importance of innovation and technology in driving bilateral relations. He pointed out that the Indian startup ecosystem has immense potential and can benefit from the advanced German technology and expertise. On the other hand, German companies can also tap into India’s tech-savvy and young population to expand their footprint in the country.
The pandemic has also highlighted the importance of sustainable and inclusive growth. As the world looks towards recovery post-COVID, the need to build back better and greener has become a priority. India and Germany, with their shared commitment towards sustainable development, can work together to create a more sustainable and resilient future.
The partnership between India and Germany extends beyond economic ties. The two countries also have a strong cultural and people to people connect. The Indian diaspora in Germany is a bridge between the two countries, and it plays a crucial role in fostering people-to-people contacts and enhancing cultural exchanges.
In conclusion, Dr. Jaishankar’s remarks at the Indo-German Business Summit highlight the need for a comprehensive and collaborative approach between the government and the industry to drive the next phase of bilateral ties between India and Germany. It is crucial for both countries to leverage each other’s strengths and explore new areas of cooperation to create a stronger and more resilient partnership. With the world looking towards recovery post-pandemic, the synergy between India and Germany has the potential to pave the way for a better and brighter future for both nations.
