German companies to take advantage of Indian market: Merkel

Hannover, Apr 24 (UNI) Voicing serious concern on protectionist policies, German Chancellor Angela Merkel today said there was a need to adopt united approch to stave off this approach as protectionism was a biggest hurdle to the economic growth and development.

Inaugurating the Indo-German Business Summit along with Prime Minister Dr Manohan Singh here, the German Chancellor said that the protectionist policies should go if countries have to progress, admitting that these practices are also prevelent in the European Union and elsewhere.

She said that there was no room for protectionism in today's world as it is harming interests of all countries of the world.

The Chancellor said that German companies should take advantange of Indian liberal and open market policies adding, ''We have many products to offer to India and also get benefitted by India's achievements in the software technology.'' There is also a need to intensify cooperation in science and technology sector, Ms merkel said, ''the two countries decided to expand cooperation in the energy sector. This cooperation has many facets. The two countries have a strategic partnership and want to intensify cooperation in the energy sector.'' She lauded the eight per cent economic growth of India, stating it has thrown open oppertunities for German companies to invest in various sectors. The fundamentals of the Indian economy are very strong and robust.

Prime Minister Manmohan Singh has said India has become a production base and an export hub for a range of products from agricultural goods to automobile components to high end and IT enabled services. Indian firms are now part of global productions chains-importing, sub-assembling, adding value and re-exporting.

UNI/SMA/AT AD VP1935