DPIIT, Netherland embassy formalise bilateral Fast-Track Mechanism
New Delhi, Sept 28 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) and the Embassy of Netherlands have jointly formalized the bilateral Fast-Track Mechanism (FTM) between the two countries.
The primary aim of the FTM is to serve as a platform for faster resolution of investment cases of Dutch companies operating in India. It will help strengthen the business cooperation and increase mutual investment activities in both countries.
The agreement was signed by the Ambassador of the Netherlands to India, Marten van den Berg, and Secretary, DPIIT, Anurag Jain on September 27th, 2022.
“We are keen to collaborate more with our Indian partners to further stimulate Dutch companies in India, particularly in key areas of economics, science and innovation,” highlighted Berg.
Speaking about the agreement signed, Jain said “I would like to highlight the opportune period during which we are signing this FTM – ‘Amrit Kal’, the celebration of 75 years of independence as well as our bilateral diplomatic relationship. India is one of the few countries which has a very open FDI policy, and we have worked to resolve several issues of Dutch companies even before the FTM process began.”
Diplomatic relations between India and Netherlands were formally established in 1947. Since then, the two countries have developed strong political, economic & commercial relations, and various sectoral co-operations.
According to the official Indian statistics, Netherlands is the 4th largest foreign direct investor in India. In 2021-2022, bilateral trade between the two countries amounted to USD 17 billion.
India's exports to Netherlands consists mainly of mineral fuels and mineral-based products, organic chemicals, electrical machinery and equipment, aluminium, iron and steel and pharmaceutical products. (KNN Bureau)