File photo of President Pranab Mukherjee.
India desires to take its economic ties and collaborations with Germany to a new level, President Pranab Mukherjee told visiting German Chancellor Angela Merkel in Delhi.
The German Chancellor, on a three-day state visit to India, called on Mukherjee at the Rashtrapati Bhavan on Monday.
The President, in his welcome speech, said India attaches high importance to its strategic partnership with Germany and Ms Merkel's visit reflects the depth of relations between the two countries.
"India looks forward to taking bilateral economic linkages and collaborations to a new level. India believes that Germany can play a significant role as its partner in economic cooperation. India and Germany should work for closer integration of their economies and greater political understanding. There are immense possibilities for improving relations," the President was quoted as saying by a Rashtrapati Bhavan spokesperson.
The President said bilateral trade between India and Germany was $20.33 billion in 2014-15 and it was India's largest trade partner in the European Union.
Calling Germany a "leading" foreign investor, Mr Mukherjee said 2015 has been a year of intense bilateral exchanges between the two countries.
He expressed hope that the deliberations of the third Indo-German Intergovernmental Consultations will help further strengthen the relations.
"Relations between two countries are founded on common principles of democracy, rule of law and tolerance. Germany has contributed substantially to India's economic development over the years," he said.
In her reply, the German chancellor reciprocated the President's sentiments and said India is Germany's largest development partner.
"Germany shares common values with India. The world economy remains fragile and the two countries need to work together to stabilise it," she said.