The Hindu : Business : Czech seeks to enlarge investment in India

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Tuesday, Nov 08, 2005

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Business

Czech seeks to enlarge investment in India

Special Correspondent

The Czech Republic is keen to attract tourist traffic

Direct flights between the two countries favoured Bilateral trade slated to touch `half-a-billion mark'

— Photo: Anu Pushkarna

BOOSTING INVESTMENT: The President of the Czech Republic, Vaclav Klaus (second from left), with the Minister of State for Personnel & Parliamentary Affairs, Suresh Pachouri (left); the President of FICCI, Onkar S. Kanwar (second from right) and the President of Assocham, Anil K. Agarwal, at a business meeting in New Delhi on Monday.

NEW DELHI: Looking for expansion of economic ties with India beyond the current focus on the automobile sector, the Czech Republic on Monday conveyed its desire enlarge the scope of cooperation to an an array of economic activities, including investment in the infrastructure sector.

Czech Republic President Vaclav Klaus, who is on a weeklong visit here, was addressing Indian business leaders after his talks with Prime Minister Manmohan Singh on mutually enhancing investment opportunities, besides cooperating in energy and transport infrastructure, especially railways.

"We had very fruitful talks... We discussed all possible fields, dimensions of cooperation — economic, traditional trade and investment opportunities,'' he told India at a meeting jointly hosted by the CII, FICCI and Assocham.

"There are many other areas...Our task is to develop that potential,'' said Mr. Klaus, who is heading a strong business delegation from his country.

In the context of a suggestion that his country should attract tourist traffic emanating from India, Mr. Klaus favoured commencing direct flights between the two countries, besides setting up offices of trade promotional boards in each other's country.

Currently Czech investment in India is restricted to a car manufacturing plant of Skoda Auto and a 50:50 Tatra (trucks) joint venture with Vectra, besides a few pipeline projects. Indian participation in the Czech Republic, an OECD (Organisation for Economic Cooperation and Development) member country, is defined by IT major Infosys setting up a BPO subsidiary in Brno.

Minister of State for Personnel and Parliamentary Affairs Suresh Pachouri said India was confident that total trade with Czech Republic would touch the "half-a-billion mark'' in the next five years. Last year, combined trade figures stood at $385 million.

He said India had sent six million tourists outside the country last year and the Czech Republic was in a position to attract a major chunk of them.

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