The Department of Industrial Promotion and Internal Trade (DPIIT) and the Embassy of the Kingdom of the Netherlands have officially signed a Joint Declaration to formalize the Bilateral Fast Track Mechanism (FTM) between India and the Netherlands. Invest India, the national investment promotion and facilitation agency, is the executive body of the bilateral FTM.
Ambassador of the Netherlands to India, H.E. Mr. Marten van den Berg and DPIIT Secretary, Shri Anurag Jain formally signed and exchanged a joint statement on 27 September 2022. The bilateral FTM between India and the Netherlands is intended to serve as a platform for faster resolution of investment cases of Dutch companies operating in India. The mechanism works in close collaboration between DPIIT, relevant Ministries and Departments, Invest India and the Embassy of the Netherlands.
The mechanism will strengthen and assist bilateral efforts to increase mutual investment activities, as well as promote and develop business cooperation between companies in both countries. “The strong economic relations between India and the Netherlands are worth mentioning. Some Dutch companies have been operating in India for more than 100 years, illustrating this close bilateral relationship.
We would like to work more closely with our Indian partners to further stimulate Dutch companies in India, especially in the key areas of economy, science and innovation,” emphasizes H.E. Mr. Marten van den Berg, Ambassador of the Netherlands to India. “I would like to highlight the opportune period during which we are signing this FTM – ‘Amrit Kal’, the celebration of 75 years of independence and also our bilateral diplomatic relations.
India is one of the few countries that has a very open foreign direct investment policy and we worked to resolve several issues of Dutch companies even before the FTM process started. In this context, we are formalizing a relationship that was present long before,” comments Shri Anurag Jain, Secretary, DPIIT. “The economic connection between India and the Netherlands has been the cornerstone of our bilateral relations.
On this important occasion, it is essential to highlight our strong political, economic and trade relations along with several sectoral collaborations. Our aim is to resolve all the issues of the Dutch companies even before we reach the FTM stage and we are constantly working in this direction,” says Shri Rajendra Ratnoo, Joint Secretary, DPIIT. “Today is a very important day for our bilateral relations. The signing ceremony is a huge step towards promoting bilateral investments between the two partner countries. There are significant areas of common interest and we look forward to working together to make the India-Netherlands investment corridor more robust,” adds Mr. Deepak Bagla, MD and CEO, Invest India.
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 various sectoral collaborations. According to official Indian statistics, the Netherlands is the 4th largest foreign direct investor in India. Between April 2000 and June 2022, the cumulative flow of foreign direct investment from the Netherlands to India reached approximately US$42.3 billion. In 2021-2022, bilateral trade between the two countries reached USD 17 billion. India’s exports to the Netherlands consist mainly of mineral fuels and mineral-based products, organic chemicals, electrical machinery and equipment, aluminium, iron and steel and pharmaceutical products.
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