Moneycontrol
Last Updated : | Source: PTI

Germany intends to give India 1 billion Euros for urban development

German companies are interested in investing in clean and green cities in India and are looking for partners.

India, which is set to see the "world's largest wave" of urbanisation in the next two decades, may receive around one billion Euros from Germany as part of its financial and technical assistance in the sector till 2022, India's ambassador to the country said here today.

German companies are very interested in investing in clean and green cities in India and are looking for partners, ambassador Mukta Dutta Tomar said.

"This is where you can bring the best of Indian business sense and German technology," she said while speaking at the Natcon 2018, the annual conference of the Confederation of Real Estate Developers Association of India (Credai) here.

The apex body of real estate developers is hosting the 18th edition of Natcon in the German capital.

"Sustainable urban development was agreed as a new priority area of bilateral cooperation between India and Germany in 2016. Till 2022, Germany intends to provide financial and technical assistance in the range of 1 billion Euros," she said.

Dwelling on India's relationship with Germany, the senior envoy said, "We share friendly relations for decades and our cooperation rests on the common fundamental values of democracy, fundamental freedom and a rule-based international order".

Tomar said the mainstay of India's relationship with Germany was economic.

"It is our largest trading partner in Europe with a bilateral trade of Euro 19.15 billion in 2017. Germany is the seventh largest foreign direct investor in India. There are around 215 Indian companies operating in Germany. There are over 1,800 Indo-German collaborations and over 600 joint ventures in operation," she said.

"The Joint Working Group on Sustainable Urban Development has identified Kochi, Coimbatore and Bhubaneshwar for bilateral collaboration," she said.

The ambassador credited Prime Minister Narendra Modi's efforts over the last four years to "helping break the stereotype about India."

"He has engaged with world leaders and showed them the Indian growth story. He has brought reforms within the country which are changing the narrative abroad and is improving growth in the country. This is the New India," she said.

This also means growing number of opportunities for Indians to collaborate with the world's industry leaders, bring Indian capital and expertise to the world and not just grow businesses but also help India grow, she said.

"How can government initiatives help? This government, as you are aware, is a business facilitator, not just for foreign businesses in India but also for Indian businesses abroad," Tomar said.

India and Germany have also agreed to cooperate in the fields of spatial and urban monitoring and evaluation systems, Tomar said.

"Sustainable urban development is important on our bilateral agenda. I specifically talk about this as it is important for real estate developers who are important stakeholders in helping develop sustainable solutions for the growing demands of urbanisation," she said.

The Ambassador said India will experience the "largest wave of urbanisation" in the world over the next two decades.

"We are working to transform 100 cities into Smart Cities, and 115 aspirational districts into new centres of progress, which will require mass transit, waste management, pollution control, sustainable habitat and affordable housing systems- an area for businesses to contribute and progress," she said.

Indian real estate industry can cooperate with Germany in fields like construction equipment, smart technologies and know-how, she said.

"It is important to build sustainable cities, buildings and infrastructure, and here we can learn from the best practices of Germany. I would encourage you to interact with your German counterparts to form partnerships in creating clean and green cities," Tomar said.
First Published on Aug 4, 2018 11:56 am
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