The Hague, May 16
Noting that manufacturing in India is now becoming very cost-effective and his government is offering incentives in several sectors to take it to the next level, Prime Minister Narendra Modi on Saturday urged companies in the Netherlands to design and innovate in India, saying "there could be no better time than today".
In his remarks at the CEO Round Table on Economic Ties, PM Modi said over 300 Dutch companies are part of the India story today.
"Recently, we have implemented next-generation reforms in areas such as taxation, labour codes, and governance. Manufacturing in India is now becoming very cost-effective. Electronics, once a major import item, has now become India's largest export item. To take this manufacturing initiative to the next level, we are also offering incentives in several key sectors. You can take advantage of these incentives to manufacture in India for the entire world," he said.
"Similarly, in the services sector, India has become an engine of efficiency and innovation thanks to its talent. Many technology companies in the world have opened their Global Capability Centers in India. We invite all of you to design and innovate in India, and there could be no better time than today," he added.
He said the Dutch companies are not only well-known brands in India, but also brand ambassadors of India-Netherlands friendship.
"More than 300 Dutch companies are part of the India story today. It's because of your vision and the confidence on India that the Netherlands has become India's largest investor and second-largest trading partner from Europe. Your companies are not only well-known brands in India, but also brand ambassadors of India-Netherlands friendship," he said.
PM Modi also recalled that the results of Lok Sabha elections in 2014 which led to his election as Prime Minister came out on May 16.
"Today marks my 12th anniversary as Prime Minister of the world's largest democracy. In these 12 years, through continuous reform, we have transformed our economic DNA," he said.
PM Modi said this year, the historic India-EU FTA was signed, and this agreement between the world's two largest democratic and responsible powers will become a strong foundation for shared prosperity.
"To unlock the full potential of this FTA, Dutch PM and I will take several important decisions today. We are elevating the India-Netherlands Trusted Partnership to a Strategic Partnership. We are launching an ambitious joint roadmap in green hydrogen. We are making our technology relationship future-ready. We are also further enhancing talent mobility, university partnerships, and joint R&D between our two countries. This means the future of the India-Netherlands partnership is better than ever before," he said.
PM Modi said the strengthening strategic partnership between India and the Netherlands "is giving new impetus to our business relationship".
"It is now in your hands to move rapidly in this direction... There is a saying in the Netherlands, 'Ships are safe in the harbour, but ships are not built to stay in the harbour.' Who understands this better than the Dutch business community?... I assure you that your exploration in India will be successful and fruitful. Now you have to venture boldly into India," he said.
Earlier, PM Modi paid a call on King Willem-Alexander and Queen Maxima of the Netherlands at Palace Huis ten Bosch in The Hague.
According to a PMO release, the leaders exchanged views on strengthening the India-Netherlands relationship, including through deepening of people-to-people ties. The Dutch King and Queen hosted dinner in hounor of Prime Minister.
Prime Minister also recalled with appreciation the State Visit of King Willem-Alexander and Queen Maxima to India in 2019, "which had played an important role in fostering mutual goodwill and imparting fresh momentum to the bilateral relationship".
The leaders expressed satisfaction on the ongoing bilateral initiatives in the fields of education, innovation, semi-conductor, digital, water and green partnerships.
The Prime Minister conveyed appreciation for Netherlands King and Queen towards India and expressed gratitude for the warm hospitality extended to him during his visit.
In a post on X, PM Modi said India and the Netherlands are connected by shared interests and a shared belief in building a future-ready planet.
"Met His Majesty King Willem-Alexander and Her Majesty Queen Maxima at the Royal Palace. It was wonderful exchanging perspectives on boosting India-Netherlands friendship across key sectors like technology, innovation, sustainable growth, commerce and water resources. India and the Netherlands are connected by shared interests and a shared belief in building a future-ready planet," he said.
This is PM Modi's second visit to the Netherlands after his previous visit in 2017.
The bilateral engagement spans diverse sectors, including defence, security, innovation, green hydrogen, semiconductors and a Strategic Partnership on Water.Prime Minister's visit early in the tenure of the new Government has provided an opportunity to further deepen and expand the multifaceted partnership.The
Netherlands is one of India's largest trade destinations in Europe, with bilateral trade worth USD 27.8 billion (2024-25); and India's 4th largest investor with cumulative FDI of USD 55.6 billion.
People-to-people ties remain a key aspect of the India-Netherlands bilateral relationship.
- ANI
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