A joint statement was signed between Indian and Dutch officials to formalise fast-track mechanism (FTM) for investments of 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 internal trade (DPIIT), signed and exchanged the joint statement to formalise the bilateral FTM between India and the Netherlands on Tuesday. Invest India, the national investment promotion and facilitation agency, is the executing body of the bilateral FTM.
The FTM between India and the Netherlands aims to serve as a platform for faster resolution of investment cases of Dutch companies operating in India.
The mechanism will function with the Embassy of the Netherlands in close cooperation with DPIIT, respective ministries and departments, and Invest India. The FTM mechanism will strengthen and assist bilateral efforts to increase mutual investment activities, as well as support and develop business cooperation between companies of both countries.
Marten van den Berg, Ambassador of The Netherlands to India, said: "It is worthy of noting the strong economic relation between India and the Netherlands. Some Dutch companies have been operating for over 100 years in India, which illustrates this close bilateral relationship. We are keen to collaborate more with our Indian partners to further stimulate Dutch companies in India, particularly 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 opportune period during which we are signing this FTM - Amrit Kaal, the celebration of 75 years of Independence as well as our bilateral diplomatic relationship," and added that "India is one of the few countries which have a very open FDI policy, and we have worked to resolve several issues of Dutch companies even before the FTM process began. In this context, we are formalising a relationship which was present since long before."
"Diplomatic relations between India and The Netherlands were formally established in 1947. Since then, the two countries have developed strong political, economic & commercial relations, and various sectoral co-operations," said Deepak Bagla, managing director & chief executive, Invest India.
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