India and European countries Netherlands discussed ways to increase trade and investment relations during the Hague Yatra of Commerce Secretary Sunil Barthwal. This tour is also important because despite the global economic uncertainties, exports from India to the Netherlands are registering a strong growth.
The Department of Commerce said in a post on X (Earlier), “Commerce Secretary Sunil Bartwal and Ambassador K. Tuhin met Missiel Swiss, Director General of Foreign Economic Relations in Hague and discussed strengthening bilateral trade and economic relations. In the meeting, the meeting emphasized to increase cooperation through the Joint Trade and Investment Committee (JTIC).”
Increase in export
In FY 2024-25 (April-January), India’s exports to the Netherlands rose 1.75 percent to $ 22.76 billion, which was $ 22.36 billion in 2023-24. Import during this period was more than $ 5 billion.
Cooperation in startup and innovation
During the visit, Saket Kumar, Joint Secretary, Ministry of Commerce, also met senior officials in the Hague and discussed increasing cooperation in startups and innovation ecosystems. The department said, “The focus of the meeting was on increasing entrepreneurship, technical exchange, space cooperation and startup partnership.”
Negotiations on increasing business in Croatia too
Sunil Barthwal also visited Zagreb, the capital of Croatia and met the Secretary of State and Development in the Ministry of Foreign and European Affairs, Secretary of State, Zordo Luchich. There was a discussion between the two countries to strengthen trade relations and find investment opportunities. Exports from India to Croatia in 2024–25 (April-January) stood at $ 270 million and imports at $ 69.49 million.
Indo-Netherlands Business and Commercial Relations
The Netherlands, India’s fourth largest trading partner (2021–22) in Europe and the fourth largest investor in India. In 2021-22, bilateral trade reached a high of $ 17 billion, with exports to $ 12 billion and imports from around $ 5 billion. The total FDI investment from the Netherlands between April 2000 and June 2022 stood at $ 43 billion.
There are more than 300 Dutch companies active in India, including Philips, Signifying, Akzo Nobel, DSM, Henecane and KLM. Indian companies are also investing extensively in the Netherlands. The Netherlands have become the fourth largest foreign investment destination for Indian companies. All major players in IT sector and other major companies like Sun Pharmaceuticals, Tata Steel, Solyn and LT Foods are present in the Netherlands like TCS, HCL, Wipro, Infosys, Tech Mahindra.
Compromise for fast investment process
On 27 September 2022, a joint statement was signed to establish a bilateral ‘Fast-TRAR Mechanism’ (FTM) in New Delhi, India’s Industry Promotion and the Embassy of the Dutch companies between the Department of Industry and the Embassy of the Netherlands.
(With agency input)
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