PM Modi and Angela Merkel to co-chair 5th Biennial Inter-Governmental Consultations
Indian Prime Minister Narendra Modi and German Chancellor Angela Merkel will co-chair the fifth Biennial Inter-Governmental Consultations (IGC) in New Delhi on 1 November 2019. The two leaders will also hold talks and discuss a host of bilateral issues including agriculture economic partnership, trade and investment.
German Chancellor Angela Merkel arrived in New Delhi on a three-day visit to India. The Chancellor is accompanied by several Ministers and State Secretaries of Federal Government, as well as a high-powered business delegation.
Under the IGC format, counterpart Ministers from both the countries will hold initial discussions in their respective areas of responsibility.
During the 5th Biennial Inter-Governmental Consultations (IGC), the two sides will discuss the entire gamut of bilateral issues including science, education, technology, people to people contact and cultural exchanges. Discussions will also be held on deepening of cooperation in traditional sectors like transport, skill development and energy, as well as explore possibilities for cooperation in newer areas like green urban mobility and artificial intelligence (AI). Moreover, two countries are likely to sign around 20 agreements.
Germany is India’s largest trading partner in Europe and is also a leading investment partner with being the seventh largest foreign direct investor (FDI) in India. Both countries have established a Strategic Partnership that is characterized by a high degree of trust and mutual understanding. Moreover, the two Leaders have regularly interacted on sidelines of many multilateral meetings.
There are over 1,700 German companies active in India and more than 600 Indo-German joint ventures (JVs) in operation. Most of the German investments in India are in sectors of services sector (particularly insurance), transportation, automobiles, metallurgical industries, electrical equipment, chemicals, construction activity and trading.
NOTE: Angela Merkel announced that she will step down as Chancellor of Germany in 2021 and would not seek re-election as leader of the centre-right Christian Democratic Union( CDU), following recent election setbacks. She has held post since 2000.
Category: Economy & Banking Current Affairs