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Home arrow Engineering, Technology, Research and Development arrow Eastern Germany wooing Indian investors : Germany Trade and Invest
Eastern Germany wooing Indian investors : Germany Trade and Invest Print E-mail
Written by Arjun   
Monday, 23 February 2009
Bangalore : Germany Trade and Invest is the new foreign trade and inward investment agency of Federal Republic of Germany to advice and support foreign Companies seeking to expand into the German market.

Ulrich Kasparick, the Parliamentary State Secretary at the Ministry of Transport, Building and Urban Affairs, Germany said that the German government set about transforming the economy by developing infrastructure and investing in hi-tech.

Ulrich Kasparick, the Parliamentary State Secretary at the Ministry of Transport, Building and Urban Affairs, GermanyExplaining how Eastern Germany has become a new country after the wall came down, Kasparick said ", All streets are new, the railways are new, airports are new, and the ports are new. Germany has invested in renewable energy, biotech, engineering, manufacturing, health care, and IT. We have very strong new clusters in eastern Germany. In India, people mostly know only western Germany and have good business relations there. Eastern Germany is not in focus and that is why we are here."

He was speaking at a reception organized by the Indo German Chamber of Commerce in Bangalore.

"Eastern Germany offers cash incentives, reduced interest loans and investment grants up to 50% for investors, depending on the region and company size in order to reduce investment costs. Recruitment and training support, wage subsidies and R&D incentives reduces operating costs. Business investments in Eastern Germany between 2010 and 2013 can avail the subsidies. Political agreement is in place to have enhanced promotion of Eastern Federal states till 2019. Ministry of Infrastructure is the biggest in German Government for investment. We have a budget next year of 11 billion euros. In addition to this we have an extra budget of 50.5 billion euros to tackle the economic crisis" explained Mr.Kasparick.

Peter Alltschekow, Director Eastern Germany , Germany Trade and Invest GmbH, Stefan Graf, Consul General and Bernhard Steinruecke, Director General, Indo German Chamber of Commerce also spoke on the occasion.

Most Indian firms are located in Saxony. In recent years, Brandenburg and Thuringia have been the most attractive Eastern German states for Indian investors.

As of 2007 there were 170 Indian Companies in Germany employing 6900 people. Aluminum giant Novelis owned by Hindalco of Aditya Birla Group is the largest Indian Company in Germany with a turn over of 2122 Million Euros in 2008. Bharat Forge is the largest Indian Company in Eastern Germany. Last year 5 new Indian companies were set up in Germany.

In 2009, the German government established a new foreign trade and inward investment agency 'Germany Trade and Invest', to advice and support foreign companies seeking to expand into the German market. Their services include strategic planning, competitive analysis as well as support on financial and legal issues. 'German Trade and Invest' experts provide comprehensive project management and support services from site selection to the final realization of the project.

Eastern Germany has major Universities, industrial research institutes and many institutions of the reputed Fraunhofer society producing high quality manpower for industries. Germany's position as the largest market in Europe, the largest exporter globally (Germany exported 900 billion euros worth goods in 2006) and its strategic location for rapid and easy access to all European markets would be an added attraction for companies to invest in Eastern Germany.

 
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