Sharma invites Czech investments in manufacturing zones

In a bid to increase foreign capital inflows into the country, Commerce and industry minister Anand Sharma today urged investors from Czech Republic to put money in the National Investment and Manufacturing Zones (NIMZ) especially in the heavy engineering segment particularly in metallurgy, machine tools, defence equipment and automotives.

“Owing to the fact that the Czech Republic is strong in manufacturing generally and heavy engineering in particular–metallurgy, machine tools, defence equipment, we invite its automotives which accounts for 24% of Czech manufacturing, to invest in NIMZs in India,” Sharma said after his meeting with Martin Kuba, Czech minister of industry and trade.

A joint working group (JWG) on advanced manufacturing and heavy engineering is scheduled to take place later this month, an official statement said.

Both sides also discussed greater cooperation in defence that included greater collaboration in research, development and production of weapons systems.

“The rapid up-gradation of Czech industry, defense production facilities make state-of-the-art products namely defence equipment, passive and active electronic intelligence and surveillance systems, radars, trainer aircraft, high-mobility all purpose vehicles, modernisation of Soviet-era tanks, field hospitals and logistics open gives leverage to the strong Czech interest in promoting sales to India in these areas of specialisation,” said Sharma.

The total bilateral trade between India and the Czech Republic in 2012 stood at $957.47 million as compared to $992.42 million in 2011.