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27 Aug 2018
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| Economic partnership (The
Total Investment & Insurance Solutions) |
Amid Chinese inroads in
Eastern Europe as part of its Belt Road Initiative, India is putting in plans
in place to boost its economic partnership with the erstwhile Communist States
and Southern Europe.
The upcoming back to back visits by President Ram Nath Kovind to Cyprus, Bulgaria and Czech Republic (Sep 2-9) followed by visit by Vice President Venkaih Naidu to Malta, Serbia and Romania (mid-September) will bring India's growing role in the region in the limelight.
This will be Kovind’s second visit to the region earlier being to Greece few months back where he outlined India’s Europe policy. The Eastern European bloc (during the period of Soviet Union) and India historically enjoyed close relations and now Delhi is keen to penetrate flourishing markets, seek technology and funds as opposition to BRI rises in Europe.
China has promised huge investments in the Eastern and Central Europe, augmented by the 16 (Eastern-Central Europe) +1 (China) process. Therefore, focus from Delhi to this region is pertinent in this context.
Cyprus, an unambiguous supporter of India’s position on Kashmir for decades, is Delhi’s gateway to Mediterranean, North Africa, Southern Europe and even parts of West Asia. Cyprus is the 8th largest FDI investor in India. From April 2000 to June 2017, the cumulative investment flows to India from Cyprus were $ 9.278 billion. The FDI is mainly in the sectors of construction and real estate activities.
The upcoming back to back visits by President Ram Nath Kovind to Cyprus, Bulgaria and Czech Republic (Sep 2-9) followed by visit by Vice President Venkaih Naidu to Malta, Serbia and Romania (mid-September) will bring India's growing role in the region in the limelight.
This will be Kovind’s second visit to the region earlier being to Greece few months back where he outlined India’s Europe policy. The Eastern European bloc (during the period of Soviet Union) and India historically enjoyed close relations and now Delhi is keen to penetrate flourishing markets, seek technology and funds as opposition to BRI rises in Europe.
China has promised huge investments in the Eastern and Central Europe, augmented by the 16 (Eastern-Central Europe) +1 (China) process. Therefore, focus from Delhi to this region is pertinent in this context.
Cyprus, an unambiguous supporter of India’s position on Kashmir for decades, is Delhi’s gateway to Mediterranean, North Africa, Southern Europe and even parts of West Asia. Cyprus is the 8th largest FDI investor in India. From April 2000 to June 2017, the cumulative investment flows to India from Cyprus were $ 9.278 billion. The FDI is mainly in the sectors of construction and real estate activities.
Indo-Czech ties spans across
sectors from culture to investment to Indology. Indian companies have invested
in Czech Republic in sectors like IT, vehicles,tea, textile, pharmaceutical,
auto-components. Following on the original investments of Skoda Auto, Skoda
Power and Tatra, there are a number of new and prospective Czech investment
projects in India in the machinery, transportation, power and automotive
sectors. Czech Republic is among developed economies of Europe which is keen to
push trade envelope with India.
Persons familiar with the
V-4 told ET that the group provides India an appropriate platform to engage
with Eastern and Central Europe amid China's 16+1 process for the region. All
four nations in the Visegrád Group have a very high Human Development Index V4
countries have enjoyed more or less steady economic growth. If counted as a
single nation state, the Visegrád Group would be the fifth largest economy in
Europe and the 12th largest in the world presenting India with a huge
opportunity. Interestingly within the EU, the V4 countries are pro-nuclear
power. They have sought to counter what they see as an anti-nuclear power bias
within the EU believing their countries would benefit from nuclear power's zero
emissions and high reliability. The Total Investment & Insurance Solutions
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