World is searching for growth engine, India is that engine: Shri Jitin Prasada

The world today is searching for new engines of growth, and India is that engine said Shri Jitin Prasada, Minister of State, Commerce and Industry, and Electronics and Information Technology, Government of India at the CII India-Europe Business Exchange Program held on 17 March 2025 in New Delhi.

The minister added that India and the European Union have longstanding, close bilateral relations stating that “India the EU share a strategic partnership built on two decades of trust, trade, and technology” and encouraged businesses in the EU to “invest, expand, and collaborate.”

Mr Prasada said that India and Europe must “collaborate further on cybersecurity” because cyberspace is not within boundaries but is across boundaries. In turn, this means that both India and Europe should “share best practices amongst ourselves to ensure that the tech is contained and that we as one are facing that challenge.”

He also highlighted India’s ongoing discussions with the EU on the proposed Free Trade Agreement (FTA) commenting, “This must be a fair agreement that works for businesses, workers, and long-term prosperity.” Moreover, he shared that “India is very much committed to ensuring that India and EU have this free trade agreement on board and deliverable soon.”

H E Mr. Bettel Xavier, Deputy Prime Minister, Minister for Foreign Affairs and Foreign Trade, Minister for Development Cooperation and Humanitarian Affairs, Luxembourg added that tariffs have negative consequences for consumers in markets like the EU and India. He further elaborated that India and Europe must pursue a strong trusted partnership that is mutually beneficial.

H E Mr. Juraj Blanar, Minister of Foreign and European Affairs of the Slovak Republic added that Slovakia’s strength in automotive manufacturing and digital innovation fits with India’s growth aspiration. He also highlighted India’s strength and skills in the Information Technology (IT) sector as a potential growth opportunity for Slovakia.

H E Mrs. Baiba Braže, Ministry of Foreign Affairs of the Republic of Latvia added further that Europe plans to significantly scale its defence spending in the forthcoming years, which could be a potential area of collaboration for both sides. Moreover, she shared that Latvia supports the EU Commission’s goal of concluding an agreement on an FTA between India and the EU by the end of the year.

H E Mr. Wladyslaw Teofil Bartoszewski also spoke favourably on the renewed negotiations on the India-EU FTA and that the agreement will stimulate mutual economic development. He also emphasized the importance of the EU-India Trade and Technology Council (TTC) and how it fosters stronger strategic cooperation between India and the EU on trade, trusted technology, and green transition.

Finally, Mr. Nishant Arya, Co Chairman, CII Europe Council, and Vice Chairman, JBM Group emphasized the close cooperation between India and Europe on sustainability and renewable energy, semiconductors, and startup initiatives.

CII hosted two county sessions on Latvia and the Slovak Republic, where CII exchanged an MoU with SARIO (Slovak Investment and Trade Development Agency).

17 March 2025

New Delhi