The Department for Promotion of Industry and Internal Trade and the Embassy of the Kingdom of the Netherlands officially signed joint statement to formalize bilateral Fast-Track Mechanism (FTM) between India and the Netherlands. Invest India is the executing body of the bilateral FTM. The bilateral FTM between India and the Netherlands aims to provide a mechanism for the quicker resolution of investment matters involving Dutch companies doing business in India. The mechanism functions in close collaboration between DPIIT, respective ministries and departments, Invest India and the Embassy of The Netherlands. Further, this will strengthen and assist bilateral efforts to increase mutual investment activities, as well as support and develop business cooperation between companies in both countries. “India is one of the few countries that has a very open FDI policy, and we have worked to resolve several issues of Dutch companies even before the FTM process began. In this context, we are formalizing a relationship which was present since long before,” said Anurag Jain, Secretary, DPIIT. “India-Netherlands economic link has been a cornerstone in bilateral relations. On this important occasion, it is crucial to highlight our strong political, economic, and commercial relations, along with several sectoral cooperation. It is our endeavour that all issues of Dutch companies get resolved even before we reach the stage of the FTM, and we are continuously working in this direction,” Rajendra Ratnoo, Joint Secretary, DPIIT said.
The India-Netherlands Relationship
Diplomatic relations between India and the Netherlands were formally established in 1947. Since then, the two countries have developed strong political, economic & commercial relations as well as various sectoral co- operations. According to official Indian statistics, the Netherlands is the 4th largest foreign direct investor in India. Between April 2000 and June 2022, the cumulative flow of foreign direct investment from the Netherlands to India reached some USD 42.3 billion. In 2021–2022, bilateral trade between the two countries amounted to USD 17 billion. India’s exports to the Netherlands consist mainly of mineral fuels and mineral-based products, organic chemicals, electrical machinery and equipment, aluminum, iron and steel; and pharmaceutical products.