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India, Netherlands Formalise Fast Track Mechanism, For Investments
India and the Netherlands have formulated a mechanism for faster resolution of investment cases of Dutch companies operating here in the country, an official statement said on Wednesday. The Department for Promotion of Industry and Internal Trade (DPIIT) and the Embassy of the Netherlands have signed a joint statement to formalise the bilateral Fast Track Mechanism (FTM).
Invest India, the national investment promotion and facilitation agency, is the executing body of the FTM. "The bilateral 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 commerce and industry ministry said.
It will strengthen and assist bilateral efforts to increase mutual investments activities, as well as support and develop business cooperation between companies in both countries. "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," Marten van den Berg, Ambassador of the Netherlands to India, said.
DPIIT Secretary Anurag Jain said both sides have worked to resolve several issues of Dutch companies even before the FTM process began. Diplomatic relations between India and the Netherlands were formally established in 1947. According to government data, the Netherlands is the fourth 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 USD 42.3 billion. In 2021-22, bilateral trade between the countries amounted to 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.
(PTI)
