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India and Germany discuss 'Economic Cooperation'

New Delhi, October 14, 2004

The Finance Ministers of India and Germany discussed ways and means to enhance economic cooperation between the two countries were focused during the discussions. The two sides briefed each other on the economic situation and economic policies in India and Germany. There was also a fruitful exchange of views on the global economy and a number of other issues of mutual interest, both in the bilateral and multilateral context. The discussions were held in a very friendly and constructive atmosphere. The Indian delegation was led by the Finance Minister, Shri P. Chidambaram. Mr. Hans Eichel, Federal Finance Minister of Germany led the delegation of Germany.

The two Ministers recalled that the Prime Minister of India and the Federal Chancellor of Germany had agreed, during the Chancellor’s State Visit to India earlier this month, that both sides need to make concerted efforts to intensify economic cooperation between India and Germany, especially considering that the present level of bilateral trade as well as German investment in India is far below potential. The two leaders had agreed on some fresh measures to augment bilateral economic cooperation. Today’s discussions focussed on moving forward in that direction.

Shri Chidambaram called upon German companies to make greater use of the enormous opportunities offered by India as a business destination with several distinctive advantages. He also expressed the hope that Indian enterprises will take greater interest to expand business linkages with Germany, the largest economy in the European Union, the third largest in the world, and a country whose scientific and technological strengths are greatly admired by India.

The Federal Finance Minister of Germany will be chairing the G-20 Ministerial meeting in Berlin on November 20-21, 2004. Describing India as an important member of the G-20, the Federal Finance Minister of Germany renewed his invitation to the Finance Minister of India to participate in this meeting. Shri Chidambaram thanked Mr. Hans Eichel for the invitation.

Mr. Eichel who is on a two-day visit to India, is accompanied by Mr. Caio K. Koch-Weser, State Secretary and other senior officials of the Federal Ministry of Finance of Germany. Mr. Eichel’s visit is a part of the regular bilateral consultations between the Finance Ministers of India and Germany.

The Indian delegation included Finance Secretary, Secretary (Financial Sector), Chief Economic Adviser and other senior officials of Ministry of Finance.

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