DPIIT, Invest India and the Netherlands Embassy formalize Fast-Track Mechanism
New Delhi, September 29, 2022
The Department for Promotion of Industry and Internal Trade (DPIIT) and The Embassy of The Netherlands on Tuesday signed a joint statement to formalize the bilateral Fast-Track Mechanism (FTM) between the two countries.
Invest India, the national investment promotion and facilitation agency, is the executing body of the bilateral FTM, an official press release said.
The Netherlands Ambassador Marten van den Berg and Secretary, DPIIT, Anurag Jain, formally signed and exchanged the joint statement.
The release said the bilateral FTM aims to serve as a platform for faster resolution of investment cases of Dutch companies operating in India. The mechanism functions in close collaboration between DPIIT, respective ministries and departments, Invest India and the Embassy of The Netherlands. The mechanism will strengthen and assist bilateral efforts to increase mutual investment activities, as well as support and develop business cooperation between companies in both countries.
“It is worthy of noting the strong economic relationship between India and the Netherlands. Some Dutch companies have been operating for over 100 years in India, which illustrates this close bilateral relationship. 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,” van den Berg said.
Jain said, “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. long before."
Rajendra Ratnoo, Joint Secretary, DPIIT, said, “The India-Netherlands economic link has been a cornerstone in our bilateral relations. On this important occasion, it is crucial to highlight our strong political, economic and commercial relations, along with several sectoral cooperation. It is our endeavour that all issues of Dutch companies get resolved even before we reach the stage of the FTM and are continuously working in this direction.”
Deepak Bagla, MD & CEO, Invest India said, “The signing ceremony is a huge step towards promoting bilateral investments between both partnering countries. There are significant areas of mutual interest and we look forward to working together to make the India-Netherlands investment corridor more robust.”
Diplomatic relations between India and The Netherlands were formally established in 1947. Since then, the two countries have developed strong political, economic & commercial relations, and various sectoral cooperations.
According to official Indian statistics, The Netherlands is the 4th largest foreign direct investor in India. Between April 2000 and June 2022, the cumulative flow of foreign direct investment from The Netherlands to India reached some USD 42.3 billion.
In 2021-2022, bilateral trade between the two countries amounted to USD 17 billion. India's exports to The Netherlands consist mainly of mineral fuels and mineral-based products, organic chemicals, electrical machinery and equipment, aluminium, iron and steel and pharmaceutical products.