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India and Central Europe: Harnessing Business Complementarities
October 2015 | Europe
Since the turn of the Millennium India has taken strident steps to build deep economic and business relations with all countries and regions around the globe. While in the early 2000s, India’s focus areas were Africa and Latin America & Caribbean (LAC) to deepen bilateral trade and investment ties. Central Europe has now emerged as a focus area for Indian Government and industry.
India’s bilateral trade relations with the Central European economies have not grown to levels expected of economic engagements between two dynamic regions. As per trade data released by the Ministry of Commerce & Industry, Government of India, India’s total trade with Central European region was only 5.83% of India’s total trade with all countries in FY2014-15. The relatively limited size of India’s external trade with Central European economies is evidenced by the fact that only three countries – Switzerland (ranked 5th), Turkey (32nd) and Sweden (48th) – figure among India’s top 50 trade partners in FY2014-15. Another 12 economies including major economies like Poland, Norway, Finland, Denmark, Czech Republic, Romania and Hungary figure in the top 100 list. However, India-Central Europe trade volumes are expected to grow at an accelerated rate in the coming years as businesses on both sides forge long-term partnerships.
This report titled ‘India and Central Europe: Harnessing Business Complementarities’ has tracked the emerging trends in the bilateral economic and business ties and potential areas for deep bilateral cooperation.
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