EU to invest Rs 40 cr in food testing units
The initiative is taking off under the EU-India Trade and Investment Development Programme (TIDP).
By TNN |
KOLKATA: To facilitate processed food trade between India and European countries, the European Union (EU) has initiated a process to set up improved testing facilities in six locations across India. The EU plans to invest nearly Rs 40 crore towards this end.
The initiative is taking off under the EU-India Trade and Investment Development Programme (TIDP).
The EU emphasises on quality control and proper testing of processed foods before shipment. It is investing the sum to improve the testing facilities at existing laboratories at six strategic locations spread across Mumbai, Chennai, Kochi, Hyderabad and Bhubaneswar.
As part of EU’s investment promotion in India, four investment facilitation desks (IFD) have been established in New Delhi, Kolkata, Mumbai and Chennai with an objective to help European investors, especially small and medium enterprises (SMEs), to start projects in India. These investors would explore business ventures in India, either in partnership with an Indian firm or on their own.
SMEs in EU so far have had little business contacts here. Now, with the Indian economy growing at a 7-9% annual rate, these small-scale players — essentially with turnover of E 50-250 million — are looking to explore business opportunities in the country.
A member of IFD eastern region, Raja Dawn, however, said that European investors lay importance on infrastructure issues before setting up their ventures. “We are here to facilitate the whole process,” Mr Dawn said here on Friday on the sidelines of an investment seminar.
Since 1991, investments from EU’s member countries in India amounted to nearly E 12 billion. Around 2,000 European companies are operating in India. Countries like the UK, Germany, Italy, Belgium, France and the Netherlands are the major trade and investment partners of India.
The TIDP programme started on December 15, 2005 and will conclude by December 2007. The total size of the programme is E 13.3 million, of which E 12.7 million is contributed by the EU and the remaining part comes from the government of India.
The initiative is taking off under the EU-India Trade and Investment Development Programme (TIDP).
The EU emphasises on quality control and proper testing of processed foods before shipment. It is investing the sum to improve the testing facilities at existing laboratories at six strategic locations spread across Mumbai, Chennai, Kochi, Hyderabad and Bhubaneswar.
As part of EU’s investment promotion in India, four investment facilitation desks (IFD) have been established in New Delhi, Kolkata, Mumbai and Chennai with an objective to help European investors, especially small and medium enterprises (SMEs), to start projects in India. These investors would explore business ventures in India, either in partnership with an Indian firm or on their own.
SMEs in EU so far have had little business contacts here. Now, with the Indian economy growing at a 7-9% annual rate, these small-scale players — essentially with turnover of E 50-250 million — are looking to explore business opportunities in the country.
A member of IFD eastern region, Raja Dawn, however, said that European investors lay importance on infrastructure issues before setting up their ventures. “We are here to facilitate the whole process,” Mr Dawn said here on Friday on the sidelines of an investment seminar.
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Since 1991, investments from EU’s member countries in India amounted to nearly E 12 billion. Around 2,000 European companies are operating in India. Countries like the UK, Germany, Italy, Belgium, France and the Netherlands are the major trade and investment partners of India.
The TIDP programme started on December 15, 2005 and will conclude by December 2007. The total size of the programme is E 13.3 million, of which E 12.7 million is contributed by the EU and the remaining part comes from the government of India.
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