Friday, June 13, 2008

Indo-Poland joint Commission on Economic Cooperation

by Jo Black

Mr. Ajay Shankar, Secretary, Department of Industrial Policy and Promotion, co-chaired the first session of the Indo-Polish Commission on Economic Cooperation in New Delhi along with Mr. Adam Szenjfeld, Secretary of State, Ministry of Economy, Republic of Poland.

Speaking on the occasion, Ajay Shankar informed the Polish side about the positive investment climate in India and also the investment opportunities in various sectors.

A Protocol was signed by Ajay Shankar and Mr. Adam Szenjfeld underlying to resolve to cooperate in several spheres of mutual interest.

It was decided that both sides would facilitate exchange of business delegations and interactions besides participation in trade fairs and international exhibitions in order to help create a mutually beneficial partnership, particularly in automobiles, automotive components, healthcare, pharmaceuticals, coal, food processing, non-conventional energy, electrical equipments etc.

Cooperation was also sought in the field of IT and e-Governance.

A wide range of issues including bilateral trade and investments and cooperation in industrial and scientific fields between the two countries were taken up during the session.

It was emphasized that the level of economic engagement between the two countries, in terms of trade and investment relations, should increase.

India’s export to Poland was US$ 306.02 million in 2006-07 while its import was US$ 117.11 million.

India has received FDI of US $ 2.00 million from Poland so far.

Some of the major Polish companies that have investments in India are TZMO S.A. and Polfarma.

Prominent Indian names in Poland are Videocon, Ranbaxy, Mittal Steel, Reliance Industries etc.

Following Poland’s accession to the European Union in 2004, India and Poland signed a new agreement in Budapest on 19th May 2006 whereby it was decided to establish the Joint Commission afresh to discuss the development of, identify new possibilities for and draw up suggestions and proposals for economic cooperation.

The meeting on 27th May 2008 was the first session after signing of the 2006 Agreement.

The Polish delegation included Mr. Marian Zalewski, Undersecretary of State, Ministry of Agriculture and Mr. Krzysztof Hubert £aszkiewicz, Undersecretary of State, Ministry of Treasury, besides a host of officials from Ministry of Finance, Ministry of Agriculture, Ministry of Foreign Affairs, and, Polish Investment Promotion Agency and businessmen.

The official Indian delegation included representatives from the Ministry of Commerce & Industry, Ministry of External Affairs, Ministry of Finance, Ministry of Heavy Industries & Public Enterprises, Ministry of Power, Ministry of Chemicals & Fertilizers, Ministry of Agriculture, Ministry of Small Scale Industries, Ministry of Food Processing Industries and others.

The Polish business delegation comprised of representatives from ZMM-KOPEX Group, FAMUR Group, Polish Oil & Gas Company, Geofizyka Toruñ, BUMAR Group and SIGMA.

The Indian business side was organized by the apex Industry Association, FICCI and included speakers like Mr. Madhu Kotak, Chairman, FICCI India-Poland Joint Business Council and Mr. Rajan Kohli, Deputy Secretary General, FICCI.

 

 

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