NEW DELHI, Oct 5 - A deal to fast-track clearances for German investments in India and Euro 1 billion fund for the solar sector by Germany were among key takeaways from talks between Prime Minister Narendra Modi and Chancellor Angela Merkel as a draft of 18 pacts were signed to expand bilateral ties.
Co-chairing the third summit-level Inter-Governmental Consultations, Modi and Merkel in their three-hour-long talks resolved to expand ties in defence, security, intelligence, railways, trade and investment, clean energy, besides deciding to work closely to combat the threat of terrorism.
The two leaders also underlined the need for reviving the negotiations for the long-pending India-EU Free Trade pact with Modi asking Merkel to use her influence in the 28-member bloc to remove the impediments for resumption of talks.
�We see Germany as a natural partner in achieving our vision of India�s economic transformation. German strengths and India�s priorities are aligned.
�Our focus tends to be on economic ties. But I believe that in a world of seamless challenges and opportunities, India and Germany can also be strong partners in advancing a more humane, peaceful, just and sustainable future for the world,� Modi said at a joint media event with Merkel after over three-hour-long talks, both at delegation-level and one-on-one format.
The deal on fast-track approvals process for German firms envisages single-point clearance for various projects which is aimed at encouraging more and more German companies to complement Modi�s �Make in India� initiative and invest significantly.
A major focus of the talks were on boosting trade, increasing investment in the defence sector and promoting clean energy, besides combating challenges of climate change.
Germany announced to provide loan assistance of over one billion euros for India�s solar projects in the next five years, besides an existing assistance of over one billion euros for India�s Green Energy Corridor.