India and Netherland have signed the India-Netherlands Fast-Track Mechanism (FTM) which will serve as a platform for faster resolution of investment cases of Dutch companies operating in India.
Also, the mechanism will strengthen and assist bilateral efforts to increase mutual investment activities, as well as support and develop business cooperation between companies in both countries.
Department for Promotion of Industry and Internal Trade (DPIIT), Invest India, and the Embassy of the Netherlands formalized the India-Netherlands Fast-Track Mechanism (FTM) in New Delhi.
This mechanism will facilitate close collaboration between DPIIT, respective ministries, and departments, Invest India, and the Embassy of The Netherlands.
The Netherlands ambassador to India Marten van den Berg recalled Dutch companies’ long association with India which is over 100 years old.
“It is worthy of noting the strong economic relationship between India and the Netherlands. Some Dutch companies have been operating for over 100 years in India, which illustrates this close bilateral relationship. We are keen to collaborate more with our Indian partners to further stimulate Dutch companies in India, particularly in key areas of economics, science, and innovation,” said Marten van den Berg, Ambassador of The Netherlands to India.
“I would like to highlight the opportune period during which we are signing this FTM – ‘Amrit Kal’, the celebration of 75 years of independence as well as our bilateral diplomatic relationship. India is one of the few countries which has a very open FDI policy, and we have worked to resolve several issues of Dutch companies even before the FTM process began. In this context, we are formalizing a relationship which was present since long before,” said Anurag Jain, Secretary, DPIIT.
“Today is a very important day for our bilateral relationship. The signing ceremony is a huge step towards promoting bilateral investments between both partnering countries. There are significant areas of mutual interest, and we look forward to working together to make the India-Netherlands investment corridor more robust,” added Deepak Bagla, MD & CEO, Invest India.
Diplomatic relations between India and The Netherlands were formally established in 1947. Since then, the two countries have developed strong political, economic & commercial relations, and various sectoral co-operations.
According to official Indian statistics, The Netherlands is the 4th largest foreign direct investor in India. Between April 2000 and June 2022, the cumulative flow of foreign direct investment from The Netherlands to India reached some USD 42.3 billion.
In 2021-2022, bilateral trade between the two countries amounted to USD 17 billion. India’s exports to The Netherlands consist mainly of mineral fuels and mineral-based products, organic chemicals, electrical machinery and equipment, aluminum, iron and steel, and pharmaceutical products.