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India and Germany sign deals worth $2.25 billion

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Staff writer ▼ | October 6, 2015
Prime Minister of India Narendra Modi hailed Germany as a natural partner of India after signing deals with Chancellor Angela Merkel on clean energy and speeding up Germany’s investment in Asia’s third largest economy.
Modi Merkel
Agreements   Ahead of crucial UN climate change talks
Merkel and her ministers signed 18 deals with India’s government, including on renewable energy and fast-tracking approvals for German companies to operate in India.

“We see Germany as a natural partner in achieving our vision of India’s economic transformation. German strengths and India’s priorities are aligned,” Modi said after meetings with Merkel.

Foreign companies have long despaired at India’s levels of taxation, corruption and other obstacles to doing business. But many have welcomed Modi’s efforts to make it a faster and more reliable place to invest.

The two countries signed agreements worth €2 billion ($2.25 billion) on German investment in developing India’s clean energy corridors and solar energy industry, ahead of crucial UN climate change talks late this year.

“Energy cooperation is very much in the foreground, particularly exploring and developing rural areas is very much on our agenda,” Merkel said, standing alongside Modi.