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India-Czech Republic trade grows 5% in FY10
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Namrata Kath Hazarika | 12 May, 2010
Despite the global slowdown, two way trade of India-Czech Republic has witnessed a significant growth of 5 percent in 2009-10 as compared to the previous fiscal, said D P Srivastava, Ambassador of India, Czech Republic in New Delhi recently.
The ambassador told SME Times, "The two way trade is more than USD 1billion at present. Indian exports are about USD $450 million and we have recovered a peak crisis level which is very remarkable."
He informed that there has been a 5 per cent growth over the period in trade between both the countries.
Also, there is a growing two way investment, Srivastava also said.
When asked whether the bilateral trade are expected to increase in future, he added, "As I said there has been a 5 percent increase in India exports to Czech republic despite the slowdown. But the next year it depends on the series of factors which also include the health of the European economy."
"Czech Republic is an export-driven economy. So, what they import from India is not for local consumption but for value addition and re-export. It depends on how the EU economy is performing," Srivastava opined.
In the investment front, he observed that there are huge potential between both the countries and said that may Indian companies are going to invest in the private sector in Czech for tapping varied sectors.
He said, "There are sectors which are already going to the private sectors for investing in Czech."
"Czech has growing Indian presence. Infosys has a large facility in Burno. Ashok Leyland group has acquired Avia which is one of the oldest brand known in Czech Republic for truck makers," he mentioned.
"...There are also couple of Indian companies in auto mobile spare parts," Srivastava added.
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