Vice President Hamid Ansari today invited Polish businesses and industry to invest in India which offers a favourable environment and liberalised investment climate.
Addressing a business summit at the Ministry of Economic Development here, he said the constant reforms in fiscal and investment facilitation policies are transforming the economic scenario in India.
A landmark Goods and Services Tax (GST) reform, for instance, is aimed at making India a unified market, with all 29 states offering an identical and predictable tax environment, Ansari said.
"Increasing transparency and a liberalised investment climate now allows the smooth flow of FDI in sectors like defence, railways, civil aviation and pharmaceuticals. We have seen a strong global confidence in the India story, with a surge in Foreign Direct Investments, which reached over USD 50 billion in 2016," he said.
Ansari said Poland is India's largest economic partner in Central Europe with bilateral trade growing to USD 2.8 billion in 2016.
"This marks a growth of nearly 25 per cent over the level of trade in the previous year. Investments are growing rapidly in both directions. This strong economic interaction between India and Poland is an indicator of the growing economic strength of our countries. As Polish business looks for markets and business opportunities beyond Europe, India is a natural destination," the vice president said.
India's 29 states now offer a climate of both cooperative and competitive federalism, with quantum improvements in investment conditions. Some Polish regions are already availing the business opportunities that Indian states offer," Ansari said.
He said new initiatives such as 'Make in India', 'Skill India' and 'Digital India present new business opportunities for Polish companies in areas such as defence, food processing, coal and mining, healthcare, pharmaceuticals, bio-technology and renewable energy.
Ansari said with a growth rate of over 7 per cent despite the general global downturn, India today is not just the fastest growing major economy in the world, but also one of the most open and welcoming destinations for investments and technologies.
A vibrant democracy of 1.3 billion people with a young and skilled workforce, India offers an aspirational middle class market of over 400 million people, he said.
"I am delighted to have this opportunity to address this business summit which is aimed at furthering economic cooperation between India and Poland. India sees Poland as an important emerging economic partner, not just in Europe but in the world.
"Poland's transformation over the last two decades has been remarkable; the growth of its economy impressive. This change is visible," Ansari said.
Stressing that the education sector can become an important area of cooperation for both the countries, he said that India's young population is eager to seek educational opportunities that Poland offers.
"We already have some 2,500 Indian students in Poland. These students add to the resources of Poland's distinguished universities and act as bridgeheads for our future engagement.
"We have identified opportunities in sectors like food processing, mining, aerospace and defence. I am sure that our businessmen, with their sense of innovation, will make the most of them for the mutual benefits of both the countries," the vice president added.
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