Asian ecos neglected by foreign ecos

CHENNAI: Multinational companies may be opening shop in India every other day, but a European Union official feels that foreign companies have been ignoring Asian economies, including this sub-continent nation.

"So far, people have not connected India with a promising market where one can sell as well as manufacturer," Dietrich Kebschull, Chief Programme Coordinator, EU-India Trade and Investment Development Programme(TIDP) said .

One of the ways to attract investment into India is to first attract the middle class as a huge market, he said.

At a workshop on promotion of FDI, 'Role of EU-India TIDP' here, he said: "FDI helps overcome structural changes." Foreign Direct Investment can be a tool and leverage for economic growth.

Narayan Valluri, Team Leader, EU-India Investment Facilitation Desks (IFD), said their intention was to focus on certain geographic areas and to harness the strength of the countries in the EU and use it mutually with the states in India.

"We have to identify and zero in on certain specific areas to enable greater synergies with the entities in the EU and India," Valluri said.

He said the IFDs set up in New Delhi, Chennai, Mumbai and Kolkata would be a one-stop information centre on companies, regulations and clearances at different levels.

Besides, they would help help network with relevant domestic and overseas agencies in the EU for enhancing trade and investments and assist investors in identifying, shortlisting and selection of joint venture partners in India and the EU.