October 23, 2018
The talk comes amid efforts to expand and strengthen relations between the two countries in the economic field
Trade between the nations jumped by 20 per cent over last four years to reach US$1.1 billion in fiscal 2017-18
At the JCEC summit, the Czech side stated that the nation’s firms were keen to partner under ‘Make in India’
The nation is setting up a Czech Industrial Cluster (CIC) near Bengaluru to serve as hub for Czech firms in India
The 11th session of India-Czech Republic Joint Commission on Economic Cooperation (JCEC) was held on October 22-23 at Prague, Czech Republic. While the Indian delegation was led by India’s junior minister for commerce and industry, CR Chaudhary, the Czech team was led by minister of industry and trade, Marta Nováková. The talk comes amid efforts to expand and strengthen relations between the two countries in the economic field. Trade between the two nations has jumped by 20 per cent over last four years to reach US$1.1 billion in FY 2017-18. There are around 2,400 Overseas Indians in Czech Republic.
On the occasion, Mr Chaudhary said that India’s economic growth and Czech technological expertise and manufacturing prowess make two natural partners. During the visit, the minister also met with Martin Tlapa, deputy foreign minister of Czech Republic and discussed various issues including direct flight, long term study visa, strengthening of mutual Trade and investment relations. Following the JCEC summit, the Czech side stated that Czech companies were interested to cooperate with Indian partners under the ‘Make in India’ programme. The 10th Session of the Joint Commission was held in New Delhi in 2015.
Meanwhile, the nation is preparing a project called Czech Industrial Cluster (CIC) near Bengaluru. The CIC will comprise administrative and production units and will serve as a hub for Czech firms that intend to settle down in India. Around 60 Czech companies have so far invested in India, including steady inroads in the auto sector under the ‘Make in India’ initiative. The summit came a month after Indian President Ram Nath Kovind visited Czech Republic at the invitation of the President of the Czech Republic, Milos Zeman. During the visit, President Kovind had also addressed the Czech Republic-India Business Forum.