NEW DELHI, Sept 4 – Netherlands has asserted that despite the gloomy economic situation worldwide, the situation is still better in India than in most of the developed nations.
In a meeting with Indian Commerce & Industry Minister Anand Sharma on Tuesday, Netherland’s Minister of Foreign Trade and Development Cooperation Lilianne Ploumen (photo) said the recent downturn in India has not impacted on its interest in the country.
Ploumen is in India with 40 Dutch entrepreneurs to further boost trade ties between the two nations.
India recorded a gross domestic product (GDP) growth of five percent for 2012/13, the lowest in a decade and in recent days saw its currency tumbling to a historic low of Rs 68.85 versus the US dollar amid its huge current account and fiscal deficits.
To further strengthen bilateral relationship, India and Netherlands have agreed to set up a Joint Economic and Trade Committee (JETC) which would provide a platform for both sides to engage on investment and trade issues.
Sharma said that given the increasing economic and trade engagement, there was a need for a structured mechanism for institutional interactions, and as a result this Committee should “eventually be upgraded to the level of Joint Economic Council.”
He also said India and Netherlands should cooperate in areas like water management, agro processing, urban infrastructure and preparation of sports infrastructure, waste management and sanitation.
Netherlands is India’s 4th largest trading partner in Europe. India’s exports to the Netherlands stood at US$10 billion last year while imports were US$2.63 billion.
Netherlands is the sixth largest investor in terms of foreign direct invesment (FDI) inflows into India with FDI flow of around US$9.37 billion, a 4.72 percent of total inflows into the country during the April 2000 to June 2013 period.
– BERNAMA
