New Delhi, Sept 10 (KNN) President of India Ram Nath Kovind, who addressed members of the India-Czech Republic Business Forum in Prague on September 7, said economies of India and the Czech Republic have significant complementarities.

Kovind said, “I am happy to see enthusiastic participation from both sides in our engagement today. We have members from the Czech Chambers of Commerce and the Czech Association of Medium and Small Enterprises in the gathering.”

A 50 member delegation representing various industry chambers from India accompanied President Kovind.

The President said he had a meaningful discussions with President Zeman, on taking forward India-Czech multi-faceted relations, with special emphasis on economic ties of both sides.

He said there is a lot of scope for Indian and Czech companies to engage in new-age technologies and join hands to reap the benefits of the Fourth Industrial Revolution.

“Defense sector has been a vital area of cooperation between the two countries. Defence production in India has been opened for the private sector to participate.  Our defence requirements  are huge. Indian companies are looking at Czech defence majors to partner them. I invite Czech defence companies to come, invest and manufacture in India,” President Kovind said.

Major Indian companies have invested in the Czech Republic in sectors like IT, vehicles, tea, textile, pharmaceutical, and auto- components.

Czech investments in India are present in the machinery, transportation, power and automotive sectors.

“The investment  by Czech  majors  in ‘Make in India’ initiative  is a reaffirmation  of  the  immense  promise  of  Indo-Czech  relationship. From  BATA  to SKODA,  the story  of India-Czech  partnership  has been defined by popular embrace, sustainable  practices and high business  confidence.  We encourage  Czech  enterprises  to remain invested in the Indian growth story,” he said.

India-Czech  bilateral  trade  at  USD  1.07  billion,  does  not  really reflect our true potential. There is a need to redouble our efforts.

“From our side, our Commerce and Industry Minister will lead a business delegation next month to co-chair the Joint India-Czech Economic Commission, to be held in Prague. I am sure the Commission meeting will generate new ideas to give a boost to our bilateral trade and diversify our economic linkages,” President said.

Talking about the meet, CS Prakash, a Bangalore based entrepreneur cum CEC Member of Federation of Indian Micro and Small & Medium Enterprises (FISME), said it was a very fruitful trip.

Prakash, Managing Director of Pushpak Products India Ltd, was also a part of the delegation led by President Kovind.

He said, “We had an excellent experience during our visit to Czech Republic as a part of delegation led by the President.”

He said he has received confirmation of honorary consul of Czech Republic in Bangalore, Karnataka. (KNN Bureau)