India-EU significant elements get highlighted at India Europe Business & Sustainability Conclave
India-EU significant elements get highlighted at India Europe Business & Sustainability Conclave
India-UK and India-EU partnership are two very significant elements in the global effort to make the world a better place to live in, said Union Minister Piyush Goyal during his address at the CII India Europe Business & Sustainability Conclave. The Conclave is held in cooperation with the Ministry of External Affairs and is one of the biggest gatherings of top ministers, decision-makers, and business executives from India and Europe.
The Conclave concentrated on the strategic collaboration between India and Europe in the shifting geopolitical landscape, strengthening bilateral ties, and discussions of new economic opportunities. In addition to discussions on a bilateral and regional level, the Conclave offered opportunities in a variety of fields, including healthcare, information technology and engineering services (IT&ITES), maritime and logistics, defence, smart manufacturing, agriculture and food processing, education, power and energy, and infrastructure. The conclave was joined by 250 delegates from 37 countries and 200 from India, including a large number of participants online.
Addressing day two of the Conclave, Union Minister Piyush Goyal said that India is amongst the top 5 performers when it comes to benchmarking its work on meeting the nationally determined contributions of sustainability. He added that there is no G20 country in the top 10 and that is a matter of concern.
Five areas for India-Europe collaboration
At the conclave, Sanjiv Bajaj, Confederation of Indian Industry (CII) President noted five areas for India-Europe collaboration:
– India’s integration into European Global Value Chains (GVCs)
– Digital cooperation
– Global sustainability
– Sustainable infra & Urban Development
– Green product development
Highlighting the vision of Amrit Kaal, the Union Minister said, “As we transition to a developed economy, the next 25 years are crucial to us. India is committed to ensuring that sustainability and inclusive growth are going to be the defining features of India’s growth story.” He added that the Amrit Kaal Budget gives a roadmap for the journey of transition from a developing economy to a developed economy and sustainability is going to be an integral part of it. The Minister also said that technology and finance are going to play an important role in a sustainable lifestyle. He urged world leaders to recognise that all have to contribute a fair share to energy efficiency to make the world a better place to live in. Union Minister Piyush Goyal also said that India wishes to be a responsible global citizen as countries are together innovating and transitioning to make the planet safer and greener.
India is an indispensable and strategic partner for the EU
Josep Borrell Fontelles, High Representative of the EU for Foreign Affairs and Security Policy and Vice-President of European Commission said that as the 5th largest economy, India is an indispensable and strategic partner for the EU. He also emphasized that India is critical to Europe in many areas, especially- energy, technology, and economics. On day one of the conclave, External Affairs Minister Dr. S Jaishankar informed that the EU is one of India’s largest and most important trade partners and the bilateral trade was in excess of US$ 115 billion in the FY 2021-22, which is the highest ever.
Addressing the event, Director General of CII, Chandrajit Banerjee said that the discussions and representation from Europe will be taken forward by the Indian industry to ensure taking strong Business delegations-sectoral and cutting across sectors- to European countries in the coming months.
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