India, Czech Republic to deepen economic engagement

India and the Czech Republic have agreed to increase bilateral economic cooperation, especially in sectors such as engineering, life sciences and pharmaceuticals. The two countries also propose to double bilateral trade to $2 billion over the next three years.

This was decided after India's minister of commerce, industry and textiles Anand Sharma discussed measures to deepen bilateral engagement with Czech minister of trade and industry M Kuba.

Bilateral discussions focused on sectors of mutual interest such as mining, auto, heavy industries, power generating equipment and technical textiles, according to an official release.

During the talks, both ministers agreed to double bilateral trade in 3 years to reach the level of $2 billion. Sharma invited the Czech minister to participate in the India Engineering Sourcing Show (IESS), in March 2013 as partner country.

The two ministers also agreed to launch joint working groups (JWGs) in areas of skills and innovation, heavy engineering, and life sciences and pharmaceuticals.

Later, in the evening, Sharma participated in the opening ceremony of the MSV International Engineering Fair along with Czech President and senior members of the Czech government and dignitaries.

Addressing the ceremony, Sharma invited Czech participation in India's power generating equipment, mining, automotive and transport sectors. He also called for lifting of trade barriers in order to beat the global slowdown.

The ''India Show" from 10 to 14 September 2012 is being organised jointly by the ministry of commerce and industry and the Engineering Export Promotion Council (EEPC) of India. The show showcases various sectors of Indian engineering and the transformation that is currently in process in India.