Manmohan, Merkel open Hanover Fair
Prime Minister Manmohan Singh and German Chancellor Angela Merkel Sunday on jointly inaugurated the Hanover Fair.india Updated: Apr 23, 2006 23:32 IST
Prime Minister Manmohan Singh and German Chancellor Angela Merkel Sunday on jointly inaugurated the Hanover Fair, where the rising Asian economy that is emerging as a magnet for global investment is the partner country after 22 years.
This will enable India showcases its new business confidence and technological prowess at the world's largest industrial exhibition.
"India is proud to partner this event once again. Our industry is delighted to show you the new face of our ancient country in this major world fair. Our participation at this fair marks a qualitatively new phase in our bilateral economic relationship," Manmohan Singh said.
"India is at the cusp of a historic transformation. Today, we have a new vision for India as an active participant in the increasingly integrated global economy. We are committed to an open liberal economy," he added.
Manmohan Singh outlined strong indicators of India's economy and urged accelerated German investment in key sectors like technology and infrastructure.
He projected India as an emerging hub of global trade and investment with myriad advantages, including a 300-million strong middle class and strong financial services and asked for global investment in developing infrastructure that is expected to cost $150 billion.
"On a rough estimate, over the next decade, our economy can absorb over $150 billion of investment in the infrastructure sector alone. I urge German companies to engage in building these new infrastructure facilities," he stated.
Underlining India's emergence as a knowledge power, Manmohan Singh charted out a vibrant new chapter for cooperation between the two countries.
"India and Germany have great opportunities to work together. The emerging knowledge sector is a new area for cooperation between India and Germany. Our skills are in design, R&D and innovation benefit the IT, biotech, media and entertainment sectors," he pointed out.
Stressing on intensifying trade between the two countries, Manmohan Singh said they were close to reaching the bilateral target of 10 billion euros.
The Indian pavilion at the Hanover Fair, called Hannover Messe in German, occupies 11,500 square metres of hall space - the largest ever by a partner country.
An Indo-German Business Summit will also be opened by Manmohan Singh Monday, which will be followed by a series of seminars on "doing business with India".