RT team
During their meeting at the Vibrant Gujarat summit, Indian Prime Minister Narendra Modi and Czech counterpart Petr Fiala are set to unveil a pioneering partnership centered on innovation. This marks India’s first-ever collaboration of this nature with a European nation, as it seeks to harness technological expertise for Industry 4.0. The alliance is expected to boost joint ventures under the Make in India initiative and provide momentum to the proposed India-EU Free Trade Agreement.
The Czech Republic has long been a significant partner for India, particularly in sectors like automotive and defense. The Czech Prime Minister is leading a robust delegation focusing on science and technology at the summit. Economic relations between India and the Czech Republic date back to the time of Czechoslovakia and have continued to evolve. Trade diversification efforts by the Czech Republic outside the EU have revitalized Indo-Czech trade, resulting in bilateral trade reaching approximately $3.16 billion in 2022.
Indian companies have made substantial investments in various sectors in the Czech Republic, including IT, electronics, telecommunications, textiles, pharmaceuticals, automotive components, and food. Notable Indian companies in these investments include Infosys, LEEL, APAG Elektronik, Varroc Lightning Systems, Pricol, Glenmark Pharmaceuticals, Mileta Horice, and MSSL Advanced Polymers.
Shoe company Bata, a well-known Czech brand, has a strong presence in India. The collaboration between the two nations extends to the defense sector, with Czech defense companies consistently supplying military equipment to the Indian armed forces.
This strategic partnership holds great promise for fostering innovation, strengthening economic ties, and driving collaboration in various sectors between India and the Czech Republic.
