ID :
134375
Sat, 07/24/2010 - 00:06
Auther :
Shortlink :
https://oananews.org//node/134375
The shortlink copeid
EU asks India to further open economy to FDI
New Delhi, July 23 (PTI) The European Union Friday asked
India to further open its economy for foreign investments even
as the country has taken tentative steps towards liberalising
FDI in sensitive defence and multi-brand retail sectors.
"We would like India to further open its economy
to EU investments," the Head of the Delegation of the EU to
India, Daniele Smadja, said at a Ficci function here.
She said that the 27-member economic bloc has an open
regime for FDI and the EU want to take it forward with India.
"We are ready to commit to full openness towards
Indian investment...," Smadja said.
The EU accounted for 27 per cent of FDI India received in
2009. The Netherlands, Germany and the UK are the main
investors.
The Ambassador said the proposed comprehensive free trade
agreement between India and EU would bring more predictability
in the bilateral investment relations.
"Concluding the FTA negotiations will send clear signal
of engagement on both sides...we need to seize this
opportunity," she said.
She added the negotiations for the trade pact are likely
to be completed this year.
Under the Lisbon Treaty, investment policy will be
developed and managed at the European level giving the EU a
strengthened negotiating hand.
"We will therefore be able to integrate both investment
liberalisation and investment protection to our talks with
India, which will make the agreement more comprehensive...,"
she added.
The EU is the largest investor in India but the biggest
outlet for Indian investments abroad.
Tata's deal with Corus, Tata Motor's acquisition of
Jaguar and Land Rover and Arcelor's acquisition by Mittal are
some of the major bilateral investments.
India remained in the list of top ten countries in 2009
to have the highest FDIs in the world. In 2009, the country
received FDI worth USD 34.6 billion, while the outward FDI was
USD 14.9 billion, an UNCTAD report said.
The country has taken several steps including
simplification of it foreign investment policy to attract FDI.
Recently, the industry ministry has started debate to
open sensitive defence and multi-brand retail sectors to
foreign investors. While 26 per cent FDI is allowed in
defence, India does not permit it in multi-brand sector that
employs about 33 million people. PTI
India to further open its economy for foreign investments even
as the country has taken tentative steps towards liberalising
FDI in sensitive defence and multi-brand retail sectors.
"We would like India to further open its economy
to EU investments," the Head of the Delegation of the EU to
India, Daniele Smadja, said at a Ficci function here.
She said that the 27-member economic bloc has an open
regime for FDI and the EU want to take it forward with India.
"We are ready to commit to full openness towards
Indian investment...," Smadja said.
The EU accounted for 27 per cent of FDI India received in
2009. The Netherlands, Germany and the UK are the main
investors.
The Ambassador said the proposed comprehensive free trade
agreement between India and EU would bring more predictability
in the bilateral investment relations.
"Concluding the FTA negotiations will send clear signal
of engagement on both sides...we need to seize this
opportunity," she said.
She added the negotiations for the trade pact are likely
to be completed this year.
Under the Lisbon Treaty, investment policy will be
developed and managed at the European level giving the EU a
strengthened negotiating hand.
"We will therefore be able to integrate both investment
liberalisation and investment protection to our talks with
India, which will make the agreement more comprehensive...,"
she added.
The EU is the largest investor in India but the biggest
outlet for Indian investments abroad.
Tata's deal with Corus, Tata Motor's acquisition of
Jaguar and Land Rover and Arcelor's acquisition by Mittal are
some of the major bilateral investments.
India remained in the list of top ten countries in 2009
to have the highest FDIs in the world. In 2009, the country
received FDI worth USD 34.6 billion, while the outward FDI was
USD 14.9 billion, an UNCTAD report said.
The country has taken several steps including
simplification of it foreign investment policy to attract FDI.
Recently, the industry ministry has started debate to
open sensitive defence and multi-brand retail sectors to
foreign investors. While 26 per cent FDI is allowed in
defence, India does not permit it in multi-brand sector that
employs about 33 million people. PTI
