The World Trade Center (Pune) is receiving 10-15 inquiries every week from European companies who are keen to manufacture or distribute from India.
“There is an influx of inquiries from Europe for India for manufacturing and distribution. Before the pandemic, the interest was more in China,” said Niraj Khinvasara, Chief Innovative officer, World Trade Center (Pune).
Technology, pharmaceuticals, food, and services are the areas of interest for the European firms.
Before the Covid-19 pandemic, the center used to receive 1-2 inquiries per week.
“Europe has realized India’s potential. They’re reviving the old Silk Route and connecting more with Asia,” Khinvasara said. He said that Africa is showing interest in India for Artificial Intelligence, education, and medical technology and is also keen to have an auto industry. Around 6,000 EU companies in India created 1.7 million jobs directly and 5 million jobs indirectly in 2020.
India’s bilateral trade with the EU was $116.36 billion in FY22, 43.5% higher than in 2021-22. At present, the EU is India’s second-largest trading partner after the US and the second-largest destination for Indian exports.