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Optics, automotive and mechanical engineering are potential sectors for Indian companies to invest in German State of Thuringia: Minister Tiefensee

Feb 11, 2019

NEW DELHI, 11 February 2019: Mr Wolfgang Tiefensee, Minister of Economic Affairs, Science and Digital Society of the German State of Thuringia, today urged Indian industry to position Thuringia on its business and investment radar and reap the advantages that the state had to offer.

Addressing Indian industry representatives here at an interaction organised by FICCI, Mr. Tiefensee said that Thuringia lies at the heart of Europe. It is home to an optics industry that leads the world, an automotive industry that boasts of global players such as Daimler, Opel/PSA, Magna, Bosch, BMW or Borg Warner and offers excellent conditions in mechanical engineering for generating innovations and launching internationally successful products and technologies.

The Thuringian Minister aid that the state has a high density of scientific institutions where investors and companies will find a conducive environment for innovation. About 10,000 scientists are doing research in the state at more than 40 institutes and universities in close cooperation with businesses, he added..

On the occasion, an MoU was signed between Thuringian Manufacturer Gramme-Revit and Indian distributor WB for a new food supplement against arthritis, named 'DuoVital'.

Dr Jasper Weick, Charge de' Affairs, Embassy of Germany in India, said that India and Germany were dynamic  free market economies with the two-way trade rising by 10% in 2017 and is expected to do even better in 2018. Investments in both directions were thriving and close to 1700 German companies were doing business with and out of India.

Mr Rakesh Bakshi, Senior Executive Committee member, FICCI and  Chairman & MD, RRB Energy Ltd., spoke of India's commitment to raising its share of renewables in the energy mix from 21%  now to 40% by 2030. Thuringia, he said, was known the world over for its medical technologies, expertise in mechanical engineering and the automotive sector and was fast emerging hub for climate change mitigation technologies.  India, he said, can ill afford to ignore German advances in technology, just as Germany can benefit from India's large market.

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