India, Czech aim to double trade to $2 bn in 3 years

CZECH REPUBLIC: Aiming at doubling the bilateral trade to $2 billion in the next three years, India and Czech Republic have agreed to increase cooperation in engineering, life sciences and pharmaceuticals.

Commerce and Industry Minister Anand Sharma, who was here for a three-day visit, met Czech Minister of Trade and Industry M Kuba and discusses ways to enhance economic engagement between the nations.

"Both ministers agreed to launch Joint Working Groups (JWGs), in areas of skills and innovation, heavy engineering, and life sciences and pharmaceuticals," an official statement said.

Sharma and Kuba also agreed to double bilateral trade in three years to reach the level of $ 2 billion, it said.

Sharma, who was leading a business delegation to participate in the India Show, called on Czech President Vaclav Klaus and Prime Minister Petr Necas.

He discussed ways to increase cooperation in sectors like mining, auto, heavy industries, power generating equipment and technical textiles.

Over 135 Indian companies belonging primarily to engineering sector are participating in the show.

Further, the minister invited Czech businessmen to explore investment opportunities in India and mainly in the infrastructure sector.

Czech Republic, landlocked country in Central Europe, has expertise in power generating equipment, mining, automotive and transport sectors.

The India Show is being organised jointly by the Ministry of Commerce and Industry and Engineering Export Promotion Council India.

At present, the two-way trade stood at about $ 1 billion.