India and Poland set trade target of USD 5 billion

 

India and Poland set an ambitious trade target of USD 5 billion at the fourth session of the bilateral Joint Commission on Economic Cooperation, held in Warsaw on June 15. The commission, co-chaired by Mr Amitabh Kant, Secretary, Department of Industrial Policy and Promotion and Mr Jerzy Pietriewicz, Secretary of State, Ministry of Economy, drew a blueprint for stepping up investments and identified a series of actions to raise trade from the 2014 level of USD 2.3 billion, to USD 5 billion by the year 2018.

2. Speaking at the plenary session, Secretary of State Pietriewicz noted that the economic partnership between the two countries was significantly boosted by the visit to India of Mr Piechociński, Deputy Prime Minister and Minister of Economy of Poland in January 2015 and his meeting with Indian Prime Minister Mr Narendra Modi. Mr Amitabh Kant described the dynamism of the Indian economy and invited Polish investors to look at various new programmes like Make in India and Smart Cities, and to take advantage of the significantly improved investment climate. He said India had become one of the most open economies in the world, with de-regulation and hikes in FDI limits in key sectors like defence, infrastructure and railways. Secretary Kant stressed the Government of India had created an enabling environment for foreign investors and was committed to provide hand-holding facilities to inbound investments. The three co-chairs of the newly created Joint Working Groups on Coal, IT and Food Processing, also presented the outcomes of their first meetings, held on the eve of the commission meeting. In the coal and steel sector, both sides have drawn a roadmap to strengthen cooperation in areas such as thick seam underground coal mining, exploitation of highly gassy seams, developing clean coal technologies and transfer of technologies in deep coal mining from Poland to India. In the food processing sector, experts discussed market access, food processing technologies and research and development between scientific institutions. The Polish side showed interest in exporting the latest food processing machinery and technology to India. In the IT and ICT sector, India and Poland have identified areas to strengthen cooperation in entrepreneurship development and support; research and development and innovation in cloud computing; big data analysis; cyber-security, data protection, smart cities projects and accreditation of each other’s courses.

3. The joint commission session was followed by a business seminar at the Polish Chambers of Commerce (KIG) where Secretary Kant made a detailed multi-media presentation on business opportunities for Polish companies in India. Secretary of State Pietriewicz spoke of the opportunities for Polish companies in India, while the region of West Pomerania offered details of opportunities in North-West Poland. This was followed by a vibrant panel discussion with Indian and Polish business leaders, on key economic initiatives and sectors of mutual interest like defence manufacturing, pharmaceuticals, infrastructure and IT. Federation of Indian Chambers of Commerce and Industries (FICCI), which anchored a strong Indian delegation of 20 business leaders representing various sectors, coordinated the business seminar with the Polish Chambers of Commerce and Indo-Polish Chambers of Commerce and Industries. In his concluding remarks, Secretary General of FICCI, Dr A. Didar Singh, outlined the sectors of focus from the industry perspective and described the changing landscape of economic vibrancy in India. Ambassador of India, Mr Ajay Bisaria, thanking both the co-chairs for the successful conclusion of the joint commission meeting, remarked that the arrival of the largest ever Indian official and industry delegation signified the importance India attached to the economic partnership with Poland. The business seminar was followed by B2B meetings and networking sessions. Secretary Kant, Joint Secretary Mr Atul Chaturvedi and Ambassador Bisaria also met a few Polish companies interested in investing in India and assured them of all possible help in fructifying investment plans.

Warsaw, June 15, 2015

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