Our India Managing Director’s Europe Summer Business Tour and India-EU Publication Launch: Recap
Throughout most of June, our Managing Director for India, Rohit Kapur, was embarked on a business tour across Europe, visiting Milan, Munich, Berlin, Vienna, and Geneva. The conclusion of Rohit’s tour coincided with the launch of our latest publication, “An Introduction to Doing Business in India 2023 for European Businesses“
Together with Dezan Shira & Associates Director for Europe, Riccardo Benussi, Rohit attended 19 meetings. Notably, he was a panelist at the AsiaBerlin Summit (ABS), where he shared valuable insights into India’s thriving startup landscape and the vast business opportunities it offers. Rohit and Riccardo also attended the Austria Export Day 2023 in Vienna – the country’s largest export trade fair and esteemed conference on international trade.
During the tour, Rohit and Riccardo used the opportunity to reconnect with core alliances and partners while engaging in meaningful discussions with various clients, service providers, trade organizations, and key individuals. These discussions centered on topics such as the growing high-level cooperation between the EU and India, the current investment landscape in India, and sectors with significant investment potential for European companies. The focus also extended to India’s transition towards an innovation-based and sustainability-driven economy.
India gains increased recognition amid global shifts
With China no longer holding the title of the world’s most populous nation and geopolitical tensions worsening between the West and Beijing, many investors have felt it necessary to explore alternative markets, which has brought attention to India’s potential.
The Indian market offers European businesses and entrepreneurs promising prospects in areas such as digitalization, IT and AI, agriculture, clean energy (including solar energy), clean mobility and electric vehicless, urban development, sustainability, smart cities, railways, Industry 4.0, start-ups, skill development, and water and waste management.
On the growing interest in India, Riccardo commented: “The EU is India’s third largest trading partner, accounting for €88 billion worth of goods trade in 2021 (10.8% of total Indian trade). The EU is the second-largest destination for Indian exports (15% of the total) and bilateral trade has increased by about 30% in the last decade. The EU investment in India reached €87 and 6,000 European companies in India provide 1.7 million direct jobs and 5 million indirect jobs. The paradigm is shifting and while several people we spoke to about these numbers were astonished as if India was farther away than China, many of our clients are calling us up to get started there. What else should I say? I could quote Carlo Levi when he wrote from Delhi in 1957 “in this enormous place you can hide, like gods, not being seen and not seeing anything” – but now India is vigorously back on the map and is seen by everyone.”
Recalling his previous journey in 2018, Rohit conveyed an optimistic view of Europe, emphasizing its rejuvenation and shifting demographics. He observed:
“After my last visit to Europe in early 2018, post COVID, I now see a vibrant, energetic, and resurgent Europe. Particularly in Italy, Germany, Austria, and Switzerland. Europe is no longer the geriatric continent it was seen to be. There is a discernible demographic shift, with a resurgence of a youthful population, which will be the engine for consumption driven growth. If what I see proves to be true, this will bode well not only for the global economy but also for geopolitical dynamics.”
Dezan Shira & Associates’ Presence in Europe
Europe has critical trade and investment dealings with Asia: ASEAN and India are both among the bloc’s top trade partners outside the European Union. With Asia reaching new development highs every other day, and the EU pursuing trade agreements there, a wealth of opportunities for European investors unfold.
To explain this on the ground, we can meet you in Europe at ease: incorporated in Munich in 2021, Dezan Shira & Associates’ European office serves as a first point of contact for European companies wishing to do business in Asia. The team here works with a variety of partners to educate businesses on the economic performance and regulatory environment of developing Asian economies.