President Mukherjee says there are immense opportunities for German companies in India

Asserting that Germany is the most important European economic partner of India, President Pranab Mukherjee has said there are immense opportunities for enhanced German investments in its infrastructure.

Speaking at the banquet hosted in the honour of visiting German President Joachim Gauck yesterday at Rashtrapati Bhavan, Mukherjee said Indian companies are increasingly venturing into investments and acquisitions in Germany, and India, in turn, sees immense opportunities for enhanced German investments in its physical infrastructure.

"Not only does India celebrate Germany as its largest trading partner in Europe, but it also attaches great importance to German development assistance which has helped bring advanced technology into India and enhanced India's energy efficiency while developing alternative sources of renewable energy," he added.

He further said India attaches high priority to India-Germany strategic partnership based on shared values.

India considers Germany as a long standing and good friend. In 2012 bilateral trade between India and Germany was Euro 17.5 billion. But there is much more potential to enhance commerce between the two countries," he added.

The President expressed appreciation for the development assistance provided to India by Germany.

Stating that it is matter of great satisfaction that India and Germany have a strong partnership on regional and international issues, Mukherjee said: "The two countries should continue with efforts for a fundamental reform of the UN Security Council and other multilateral institutions that reflects current realities."

He further said India sees Gauck's visit as yet another occasion for Germany and India to reinforce their long standing ties of friendship and co-operation.

"The "Strategic Partnership" is a culmination of the two nations' continuous commitment, over the decades, to realise the full potential of the mutually beneficial relationship," he added.

Emphasising that the two countries are bastions of democracy and freedom, Mukherjee said: " Both have a shared respect for the rights of individuals, rule of law and a free media."

The President further congratulated German President for his personal commitment and his contribution to the promotion of democracy and human rights and said he is confident that his visit will be an important milestone in strategic partnership between India and Germany and will set the agenda for joint endeavours in the coming days.

Speaking at the welcome banquet, the German President said Germany considers India to be a key partner in the region.

"Germany greatly admires the path to modernity pursued by India in the 21st century. A successful India, which offers its citizens the chance to live their lives in peace and freedom, sends an important message to Asia and indeed to the whole world," he said.

"Such an India stands for the advantages of an open society, for pluralism and for democracy. It is important that India and Germany closely coordinate on global issues such as security, development, global trade and climate protection," he added.