Business in India
Hamburg and India’s Busniess Relation based on long historical tradition
With a trade history of over 500 years, India and Germany are linked by a common past of economic cooperation. Over the years, not only has the bilateral trade increased but German companies have discovered new business and investment opportunities in India and so have the Indian firms in Germany. Hamburg plays a special role here:
India quickly gained importance as a shipping partner – for example, with the Hamburg-Calcutta line founded in 1888, which later was acquired by the German HAPAG shipping company.
Few people know that the Indian national anthem “Jana Gana Mana” was first performed in September 1942 at the Hotel Atlantic in Hamburg. This was on the occasion of the founding of the Indo-German Society (DIG) at a time when India was still a British crown colony.
Current trade and investment relationship
In recent times the success story continues as India and Hamburg extend their business relationship:
India is not only steadily becoming more significant as a global economy, but also is an important economic trading partner for Hamburg.
In 2019, the country rose to number ten among Hamburg’s most important trading partners with a trading volume of EUR 2.6 billion. India now ranks third among non-European trading partners, ahead of Japan, making it the most important Asian market for Hamburg companies alongside China.
According to the Chamber of Commerce’s company database, more than 700 Hamburg companies have business relations with India. The main sectors are wholesale, logistics, mechanical engineering and electronic equipment, management consultancy and retail
The Hamburg Representation Mumbai (HRM) is dedicated to handle and intensify cooperation in the field of economic affairs. The Indo-German Chamber of Commerce along with Germany Trade and Invest (GTAI) together with the German Government, represent the so-called three pillar structure of bilateral economic relations, strengthening trade and investment relations. HRM closely works with this business ecosystem to provide a platform to German and Indian entities for various business and cultural events as well as activities like Hamburg India Business Day and India Week Hamburg.
We also assist, support and facilitate companies through a fast track mechanism. The Fast Track Mechanism for German companies in India has been set up in order to facilitate the realization of business opportunities and to address recurring regulatory issues. In the past few years, more than 20 cases of business concerns were integrated into the Fast Track Mechanism and through their successful conclusion have thereby contributed to India’s ranking in the Ease of Doing Business Index. The mechanism has been duplicated for Indian companies in Germany where it is being handled by the Indian Embassy in Berlin.
Along with monitoring and analyzing the economic situation and regulatory framework, our mission is to have regular interactions with Indian policymakers, industry chambers, institutions and companies. We also act as first point of contact for consultation regarding market entry strategies and around practical aspects of doing business in India. Being part of the IGCC we have access to their expertise and services, thus making sure the success of their clients and their businesses.
Get in touch with us to book an appointment with us for more guidance and information in all your business related matters.