P. Mohan Das and Ashok Tuteja

Helsinki, Oct 12 (UNI) Union Minister of Commerce and Industry Kamal Nath today assured the investor community of Finland of full support in creating infrastructure opportunities and invited them to set up more industries in India.

''I am aware that investors of Finland have some concerns regarding labour laws and the Indian side is worried about the operation of Indian banks in European Union, visa procedures and work permits. I assure that both sides have devised mechanisms to undertake mitigation of these concerns and I am personally involved in this exercise,'' he said at an interactive session of the India-EU Summit here today.

He said over the last few years the Summits have evolved a brand value and it has helped India to come closer on many fronts including trade and investment. It has created a network of friendships within the business community and the governments as well.

India and the EU have a long shared history and have together entered into economic agreements. Both have concluded a customs cooperation agreement to establish a framework for mutual cooperation and assistance in preventing frauds, tax evasions and other economic offenses.

He said during 2004 India received an FDI of 451 million dollars from the EU. While in 2005 the FDI inflows from EU reduced to 375 million dollars. In the last 16 years the cumulative FDI from EU to India has been 8.16 billion dollars which is 21 per cent of the total inflows received by India. ''We can say that EU is one of the most important source of FDI for India.'' Mr Nath expressed the hope that the EU as a community would help and support India in creating infrastructure and employment opportunities.

UNI PMD/AT YA DB2005