New Delhi:
A joint statement has been signed between Indian and Dutch officials to formalize the fast-track mechanism (FTM) for investments by companies from the Netherlands operating in India.
Marten van den Berg, Ambassador of the Netherlands to India, and Anurag Jain, Secretary, Department for Promotion of Industry and Domestic Trade (DPIIT), signed and exchanged the joint statement on Tuesday to formalize the bilateral FTM between India and the Netherlands. Invest India, the National Agency for Investment Promotion and Facilitation, is the executive body of the bilateral FTM.
The FTM between India and the Netherlands aims to serve as a platform for a faster settlement of investment cases of Dutch companies that are active in India.
The mechanism will function with the Dutch Embassy in close cooperation with DPIIT, respective ministries and departments, and Invest India. The FTM mechanism will strengthen bilateral efforts and help to increase mutual investment activities, as well as support and develop business cooperation between companies from both countries.
Marten van den Berg, Ambassador of the Netherlands to India, said: “It is worth mentioning the strong economic relationship between India and the Netherlands. Some Dutch companies have been active in India for more than 100 years, which illustrates this close bilateral relationship. We want would like to collaborate more with our Indian partners to further stimulate Dutch companies in India, especially in key areas of economics, science and innovation.”
According to official statistics, the Netherlands is the fourth largest foreign direct investor in India.
Anurag Jain, Secretary, DPIIT, said: “I would like to highlight the appropriate period in which we sign this FTM – Amrit Kaal, the celebration of 75 years of independence and our bilateral diplomatic relationship,” adding that “India is one of the few countries with a very open FDI policy and we have been working on solving several problems of Dutch companies even before the FTM process started. In this context, we are formalizing a relationship that existed long ago.”
“The diplomatic relations between India and the Netherlands were formally established in 1947. Since then, the two countries have developed strong political, economic and trade relations and several sectoral partnerships,” said Deepak Bagla, Managing Director and Managing Director of Invest India. .
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