India, Czech Republic to double bilateral trade in three years

Tuesday, September 11, 2012
Indian Commerce and Industry Minister Anand Sharma
and Czech Republican Prime Minister, Mr. Petr Nečas,
 at Brno, Czech Republic
Brno, Czech Republic: In a bid to double the bilateral trade to $2 billion in the next three years, India and Czech Republic have agreed to increase cooperation in engineering, life sciences and pharmaceuticals and to integrate the economic aspects of both the nation.

Indian Commerce, Industry & Textiles minister Anand Sharma, and his counterpart of Czech Republic, Mr. M Kuba jointly inaugurated the "India Show" in Brno, Czech Republic at the MSV Fairground on the morning of September 10, 2012. 

Commerce and Industry Minister Anand Sharma, who was here for a three-day visit, met Czech Minister of Trade and Industry M Kuba and discusses ways to enhance economic engagement between the nations.

 Anand Sharma led a high level business delegation participating in the India Show. Over 135 companies belonging primarily to India’s engineering sector are participating, showcasing their strengths and capabilities with respect to Indian products, technologies and services during this entire week.

These companies represent the entire scale of India’s engineering strengths; encompassing large, medium and the small scale sectors. 

Sharma called on the Czech President Mr. Vaclav Klaus, and also on Czech Prime Minister Mr. Petr Necas. Minister Sharma discussed measures to deepen bilateral engagement with these Czech leaders. Discussions focussed on sectors of mutual interest such as mining, auto, heavy industries, power generating equipment and technical textiles. 

Mr. Sharma held a bilateral meeting with Czech Minister of Trade and Industry Mr. M Kuba during which both Ministers agreed to double bilateral trade in 3 years to reach the level of two billion dollars.

Later in the evening, Anand Sharma participated at the Opening Ceremony of the MSV International Engineering Fair along with Czech President and senior members of the Czech government and dignitaries.

Addressing the ceremony, Sharma said, ‘India enjoys the unique advantage of having multiple drivers of growth—demographic, investment (backed by domestic savings), domestic consumption, as well as exports and ample scope for FDI – all within a pluralistic and democratic system.

Sharma said India’s plans for mammoth infrastructure investments in the immediate future offers huge opportunities for Czech expertise in power generating equipment, mining, automotive and transport sectors.

He also stated that at a time when the world is in the midst of a global slowdown, countries must desist the temptation of erecting newer trade barriers which will further deepen recession and delay global recovery. 

Sharma exhorted the engineering leaders from the Czech Republic and all other participating countries at the International Engineering Fair to visit the India Pavilion and look at the immense opportunities that exist in expanding economic co-operation with India particularly, in the engineering and the manufacturing sector. 

The “India Show" (from 10-14 September, 2012) has been organised jointly by the Ministry of Commerce and Industry and Engineering Export Promotion Council (EEPC) India, the show has exhibits from various sectors of Indian engineering showcasing the engineering transformation that is currently in process in India. 
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