Business Support to the EU — India Policy Dialogues Launched
Elżbieta Bieńkowska, EU Commissioner — Internal Market, Industry, Entrepreneurship and SMEs, European Commission today launched ‘Business Support to the EU-India Policy Dialogues’ Project in New Delhi. It was launched in the presence of Amitabh Kant, CEO, Niti Aayog and other representatives from government and industry.
The project aims at cementing the EU-India economic and business ties in key sectors where EU-India have an already well–advanced policy dialogue including environment, water, energy, ICT, urbanisation, sustainable mobility, transport and logistics.
“The EU and India are two of the biggest economies in the world with a great degree of complementarity but also huge untapped potential. The European Union is a natural partner in supporting India’s sustainable growth. I trust that the project we are launching today, by mobilising our private sector in key areas like modernisation, climate change, and trade & investment, will further strengthen our ever closer strategic partnership,” said Commissioner Bieńkowska while launching the initiative.
With over EUR 100 billion worth of bilateral trade in 2017, and investment stocks of over EUR 70 billion, the EU is not only India’s largest trading partner and one of India’s main investors, but also an important strategic partner supporting sustainable modernisation initiatives of India- a priority area for the EU as outlined in the recently adopted EU Strategy on India.
In his key note address, Amitabh Kant welcomed greater economic cooperation between the EU and India and stressed that this cooperation (launched today) will further add impetus to the longstanding ties between the two. He highlighted that the EU is a green & innovative technology hub! This project is a win-win for SMEs & entrepreneurs, & will lead to a number of effective collaborations.
While enabling access to European best practices and technologies, the project will also facilitate joint development of green technologies and solutions through effective business collaborations. Considering SMEs are the backbone of both countries’ economies and critical for sustainable and affordable innovation, the focus of the project will be on this segment. The project will also work with the Indian governments and authorities to facilitate/ensure transparent, open, and predictable regulatory and business environment for European companies trading with or investing in India.
“India is an important market for European businesses as it holds enormous potential for growth,” said Arnaldo Abruzzini, CEO of Eurochambers, the Association of European Chambers of Commerce and Industries representing 20 million member enterprises.
“The Project will work in close collaboration with EU Member States and bilateral chambers in India to provide focused and complementary support to business collaborations. Not only European SMEs will majorly benefit from this enhanced support ecosystem, but also Indian businesses and partners can explore partnerships with innovative technology businesses from Europe,” said Poul V. Jensen (Director, European Business and Technology Centre), who is also the Team Leader of the Project.
As a tool for effective multilateralism and cooperation, a working group called the European Economic Group will be set up to strengthen the voice of European businesses in India in cooperation with European associations and bilateral chambers. The ‘Business Support to the EU-India Policy Dialogues’ Project will be implemented by EBTC (the European Business and Technology Centre) in a consortium with GFA Consulting Group (Germany) and Eurochambers (Brussels).
