German companies urged to Make in India

Frankfurt:In a Make in India networking event with the German corporate sector here, the Indian consul general invited companies to visit and do business with India, a statement said on Friday.

Consul General Raveesh Kumar said the Indian government is committed to create a good environment where global business corporations could be extended complete cooperation, according to the statement.

"The government is closely monitoring all regulatory processes with a view to simplifying them and reducing the burden of compliance on investors," Kumar said.

Former German football player Andreas Moller also addressed the gathering in the event. He spoke on what leads to success in football and business.

"Germany and the DACH (Germany, Austria, Switzerland) region are the dominant markets for IT services in Europe. We believe Germany has exponential potential for IT services," said Matt Preschern, executive vice-president, HCL Technologies.

India will participate in Hannover Messe 2015 fair as a partner country.

According to the ministry of external affairs, bilateral trade during 2013 was valued at euro 16.08 billion. During January-October 2014, it was worth euro 13.44 billion.

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.