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Czech cos keen on investing in defence, heavy manufacturing
NEW DELHI, MARCH 12:
Czech companies including automobile major Skoda Auto, defence equipment maker Eldis and power company Skoda Power plan to invest $2 billion in India in the next two years.
Industrialists from the Czech Republic visiting India as part of a delegation led by Trade and Industry Minister Martin Kuba shared their investment plans in a meeting with members of the Engineering Export Promotion Council, a release issued by EEPC said.
Czech investments were also sought in the proposed National Manufacturing and Investment Zones (NMIZs) by Commerce and Industry Minister Anand Sharma in a meeting with Kuba.
Since Czech Republic is strong in manufacturing generally and heavy engineering in particular metallurgy, machine tools, defence equipment, we invite its automotives which account for 24 per cent of Czech manufacturing to invest in NIMZs in India, Sharma said.
WORKING GROUP
A Joint Working Group (JWG) on advanced manufacturing and heavy engineering is scheduled later this month to promote collaboration between Indian and Czech companies.
The ministers also discussed issues regarding defence cooperation. Sharma said that both countries could build an enduring defence relationship that could include joint research, development and production of weapons systems.
Bilateral trade between the two countries is less than $1 billion, but both sides are hopeful of doubling it soon.
Business Line : Industry & Economy / Economy : Czech cos keen on investing in defence, heavy manufacturing
Czech companies to invest $2 bn in India in the next two years
12 March 2013
Czech companies like Bonatrans Group, Vítkovice Machinery Group, koda Power, Skoda Auto, radar systems maker Eldis, data and telecommunication racks manufacturers Conteg and Linet among other groups will invest in India in a big way, with 400-million investment planned in Maharashtra alone, over the next two years.
The proposal was made at a meeting of members of the Engineering Exports Promotion Council (EEPC) with Jana Peterkova and other officials of the Embassy of the Czech Republic.
Czech companies like Skoda are already present in India and more and more companies from that country are interested in investing in India, Peterková said.
''India ranks amongst the top 12 priority countries for promotion of mutual commercial, investment and other economic activities. The interest of Czech companies to invest in India is growing and Czech companies are emerging as major investors in automobile, energy, infrastructure and large industrial projects in India," she said.
The focus is on automobile, energy, power and defence sectors, she said.
"Czech Republic is one of the ''sweet spots of Europe'' that has low-cost highly-efficient economy,'' she said, adding, ''We are also offering incentives to corporations working in the area of development and research and strategic services (such as software development), in a form of discounted tax rate extended from the current five to ten years.
domain-b.com : Czech companies to invest $2 bn in India in the next two years
