Trade between India and Slovenia totalled only EUR 85m last year. According to Tarun Das, chief adviser to the Confederation of Indian Industry, an increase in trade is a precondition for more Indian foreign investment in Slovenia.
"We have to work together more, only then can we expect a greater presence of Indian companies in Slovenia," Das told Slovenian businessmen at a meeting organised by the Chamber of Commerce and Industry (GZS).
India also wants more foreign investment. Even though it remains cautions to avoid ending up in the hands of foreigners, the country is calling on foreign companies to take advantage of the favourable opportunities, he said.
Das added that Slovenian companies needed to start realising the great potential of the rapidly developing India, whose economy is expanding at a rate of 8.5% a year.
Indian Ambassador to Slovenia Villur Sundararajan Seshadri believes that poor knowledge of Indian potentials is the main reason for the modest trade with Slovenia.
"There is a lot to be done in this field. The Indian embassy can play an important role in that," said the first ever resident Indian ambassador to Slovenia, who took office three months ago.
The Confederation of Indian Industry today offered assistance to Slovenian companies seeking to do business in India. Das said that the country was an interesting destination for Slovenian businesses, in particular due to lower taxes.
He said the association would also encourage Indian companies to come to Slovenia, but businessmen are facing a major obstacle - obtaining a visa is a long and arduous process.
Samo Hribar Milic, the head of the GZS, said the chamber would join forces with the Foreign Ministry to try and simplify the visa procedure.
Slovenia's exports to India stood at almost EUR 32m in 2006, up 78.8% year-on-year according to GZS data. Imports meanwhile stood at just under EUR 53m.
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