India, Netherlands formalise fast track mechanism for investments

Tags: National Economics/Business National News

The Department for Promotion of Industry and Internal Trade (DPIIT) and the Embassy of the Netherlands on 27 September officially signed a Joint Statement to formalize the Bilateral Fast-Track Mechanism (FTM) between India and the Netherlands.

Important facts

• The Ambassador of The Netherlands to India, Marten van den Berg, and Secretary, DPIIT, Anurag Jain, formally signed the Joint Statement on 27th September 2022.

• It aims to serve as a platform for faster resolution of investment cases of Dutch companies operating in India.

• Invest India, the National Investment Promotion and Facilitation Agency, is the executive body of bilateral FTMs.

• The FTM will function in close collaboration between DPIIT, the concerned Ministries and Departments, Invest India and the Embassy of the Netherlands.

• This mechanism will strengthen bilateral efforts to enhance mutual investment activities, as well as support and develop business cooperation between companies in the two countries.

Diplomatic relations between India and The Netherlands

• The diplomatic relations between both countries were established in 1947. 

• Since then, the two countries have developed strong political, economic and commercial ties and various regional cooperations.

• According to official Indian statistics, the Netherlands is the fourth largest foreign direct investor in India.

• Between April 2000 and June 2022, the cumulative inflow of foreign direct investment from the Netherlands to India reached approximately US$ 42.3 billion.

• In 2021-2022, the bilateral trade between the two countries stood at USD 17 billion.

• India exports mainly mineral fuels and mineral based products, organic chemicals, electrical machinery and equipment, aluminum, iron and steel and pharmaceutical products to the Netherlands.