Bangalore, Nov 15 (UNI) The German Machine Tool Builders Association (VDW) Chairman Carl Martin Welcker today said that export of Indian machine tools to Germany has increased by eight per cent during the first six month of the current year.
Addressing a press conference here, he said that Germany had, over the past four years, imported machine tools from India worth between 3.52 million and 5.52 million Euros annually.
"The Indian machine tool industry can look ahead with optimism since domestic production was on the rise and high growth figures were expected to continue in the years ahead," he said.
Mr Welcker said last year German exports of machine tools to India totaled 193.7 million Euros, with the share of metal-cutting machine tools at around 71 per cent. "India which was in 11th position in the global ranking list of our most important export nations, has already jumped to 10 place in the first six months of 2007," he added.
He said that German machine tool exports to India had continued to grow in double digits since 2002. An increase in exports of 23 per cent was registered in the first half of 2007 as compared to the same period last year.