Bilateral trade between India and Germany has more than doubled over the last five years, to reach about $23.64 billion (about € 18.28 billion) in 2011, and is well set to cross the € 20 billion mark in 2012, minister of commerce, industry and textiles, Anand Sharma said today.
Speaking after a bilateral meeting with Dr Philipp Roessler, federal minister of economics and technology of Germany, in Berlin today, Sharma expressed confidence that the bilateral trade target of € 20 billion by 2012 will be surpassed.
Indian Prime Minister Manmohan Singh in his opening statement at a joint press interaction in Berlin, in December 2010, had said: ''German excellence in the manufacturing and infrastructure sectors is well known. We welcome the steady growth of German investments in India. Despite the economic downturn, we are hopeful that the target of achieving bilateral trade of €20 billion by 2012 will be achieved,'' Sharma reminded.
''Our leaders had set for a target of € 20 billion by 2012 and I am confident that we will surpass their expectations,'' he added.
India, meanwhile, sought increased cooperation with Germany in the field of generic medicines.
''Generics constitute just about one-fifth of German pharmaceutical industry, but the recent moves of German government to promote the use of generics affords enormous opportunities of collaboration with Indian pharma companies, which have acquired global repute in developing affordable generic medicines,'' Sharma said after the meeting.