INDIA-DENMARK TO FOCUS ON IT, TELECOM, BIOTECHNOLOGY, FOOD PROCESSING FOR MUTUALLY BENEFICIAL ECONOMIC ENGAGEMENT DENMARK MINISTER MEETS ANAND SHARMA
Date : 06 Jan 2011
Location : New Delhi
Shri Anand Sharma, Union Minister of Commerce & Industry, in a bilateral meeting with Mr. Brian Mikkelsen, Minister for Economy of Denmark, here today, informed that India and Denmark should focus in the areas of IT, Telecommunication, Biotechnology, Food Processing, and Pharmaceuticals for a mutually beneficial economic engagement. He said that the growth in bilateral trade of 10.50% even in 2009-10 indicates the strong commercial ties between the two countries. Bilateral trade between India and Denmark reached US $ 1,172 billion (exports - $ 580 million and imports $ 592 million) during the year 2009-10, an increase over the quantum of US $ 1,061 billion of 2008-09.
During the meeting, Shri Sharma welcomed several new Joint Working Groups (JWGs) on Shipping, Food, Agriculture & Fisheries, Information Technology and Education set up during the recent first meeting of the India-Denmark Joint Commission. In addition to the existing Agreements on Bilateral Investment and Protection and Avoidance of Double Taxation, such a mechanism provides a framework for economic and industrial cooperation, he added.
Interacting with the visiting Minister, Shri Sharma mentioned that world leaders have re-affirmed their commitment to an early and balanced conclusion to the Doha Round. “India sees one of the main threats to the revival of trade flows in the rising protectionist pressures and continued delay in concluding the Doha Round. Therefore, strengthening the multilateral trading system by concluding the Doha Round at the earliest is imperative”, he said.
Denmark ranks 28th in Foreign Direct Investments in India. Cumulative FDI inflows from Denmark are U $ 173.12 million from April 2000 to Sept 2010. Danish investment has been in sectors of Construction, Transport Industry, Services, Telecom and Electrical Equipments. Indian companies invested in Denmark are Reliance Industries (yarn production), TCS, Suzlon Energy Ltd., Usha Martin and L&T Infotech.
The principal commodities being exported to Denmark include textiles, cotton yarn fabrics, transport equipment, machinery, electronic goods etc. India’s imports from Denmark include petroleum crude & products, medicinal & pharmaceutical products, organic chemicals, electronic goods, professional instruments.