India Canada to Fast Track CEPA Negotiations Walmarts Expresses Commitment to invest in Multi brand Retail in India Volkswagon to invest 2000 Crore in India
Date : 27 Jan 2012
Location : New Delhi
The Union Minister of commerce, Industry and Textiles Shri anand Sharma met his Canadian counter part Mr Ed Fast at Wolrd Econmic Forum at Davos today. Both the leaders reviewed the bilateral ties and expressed satisfaction over the deepning economic ties. Both the Minister agreed to fast-track the CEPA negotiations and committed to advise the negotiators who are meeting in February accordingly. It was decided that a CEO forum will be formed and will meet for the first meeting when Shri Sharma visits Canada in May-June this year.
President of Walmart International, Mr. Doug McMillon also met the Indian Minister and discussed investment climate in India. He conveyed his commitment to invest in Indian market as an when FDI in multi brand retail is allowed. He also expressed his willingness to abide by all the proposed conditionalities to promote rural economy, employment and back-end investment. Similarly, Mr Frans Muller, of retail chain Metro AG Germany also met the Minister and informed him about the plans to double their investment in cash and carry in India as well as number of stores in India
Representative of Volkswagon also met the Minister and conveyed that the automobile giant proposes to invest 2000 cr in India during coming months.
The Minister also met Mr. Harish Manwani, COO, Uniliver at the India Adda, Cafe Schneider at the annual meeting of global thought leaders. Shri Sharma is also scheduled to meet Mr. Johann N. Schneider-Ammann. Swiss Federal Councillor, Economic Affairs and also participate in IBSA meeting later in the day.