New Delhi, Oct 5 (IANS) The issue of visas and movement of professionals in the European Union (EU) remains an area of concern for Indian companies, a Ficci survey said on Thursday.
According to the Ficci survey “Are Winds of Change Bringing Good Tidings for Indian Companies Doing Business in Europe”, the ongoing negotiations to sign an equitable and balanced FTA (foreign trade agreement) between India and the EU were closely monitored by Indian industry.
The survey noted that capitalising on and riding on the back of improved economic performance by a number of European economies, Indian companies have been able to grow and create a position for their products there.
It said the gradual turnaround had been achieved by Indian corporates by successfully re-positioning and re-aligning their operational capabilities in one of the most demanding and organised markets in the world.
“Furthermore, there has been a marked rise in number of companies who have successfully been able to reduce their losses while doing business in the region,” said the survey.
“These are heartening signs for Indian corporates as despite a gradual slowdown in India-Europe trade and economic relations, the region still remains India’s largest trading partner,” it added.
The survey said the current economic situation, though resulting in number of procedural and regulatory obstacles for Indian companies to expand and or do business in the continent, was still providing needed returns on the investments made.
“Indian entrepreneurial zeal is looking towards tapping into the improved economic scenario in Europe to their advantage. This has resulted in ever-increasing interactions and joint ventures with the European companies,” it said.
It pointed out that the SME (small and medium enterprises) sector in India had also played a pivotal role in forging new business alliances with European companies.
“It has been done to get needed technologies and operational expertise to become globally competitive. The skill upgrades and development has only added due momentum to the growing synergies between Indian and European enterprises.”
The gradual economic recovery in Europe had far deeper ramifications on the business interests of Indian companies, revealed the survey findings.
“This includes, holding on to their current level of businesses, furthering their footprint across the region, seeking a more pliant policy framework from respective European economies to ease the process of doing business there and seeking easy movement of human resources to finish the existing projects and or undertaking the new ones in the coming times.”
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