India-Czech trade to touch $ 2 billion by 2012

Indian-Czech trade ministers have agreed to take the bilateral trade to $ 2 billion by 2012 from current level of US $ 1.3 billion which in itself is an increase of 26% from the earlier year. The Czech Minister for Industry & Trade, Martin Kocourek, met his Indian counterpart Anand Sharma with a high-level Czech delegation here today.

Sharma also stressed the need of a liberal visa regime for business people and suggested that a system of issue of long-term business visa on the recommendations of apex business chambers should be put in place. The Czech Minister agreed that visa regime needs to be addressed more forcefully and informed the Indian side that next week their government will discuss Investment Incentive Act for the Czech Republic and corresponding resolution of visa related issues will form part of the discussion. 

On the ongoing India-EU BTIA negotiations, the Czech Minister assured of his country’s support to the negotiations and informed the Indian side that his country is the liberal wing of EU politicians and fully supports the negotiations. Shri Sharma on his part briefed him about his conversation with EU Trade Commissioner, Karl De Gucht on Friday where both the leaders emphasized that the negotiations should be concluded before the upcoming India-EU Summit. 

Sharma expressed happiness over the fact that Czech Republic has launched a National Strategy of Competitiveness. He also informed the Czech Minister that there is a great potential ‘to improve the width and depth of economic engagement between the two countries especially in the areas of information technology, pharmaceuticals, textiles and energy.