New Delhi [India], October 23 (ANI): India's exports of goods and services to Germany could exceed USD 50 billion by 2030, supported by greater use of the India-European Union Free Trade Agreement (FTA) and deeper economic cooperation between the two countries, according to a report by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

The report was released by Union Commerce and Industry Minister Piyush Goyal in Berlin.

The report highlighted the potential for expanding market access, investment and business partnerships between India and Germany. It said the two countries could use their respective strengths in manufacturing, technology and innovation to deepen economic ties and create new growth opportunities.

ASSOCHAM President Nirmal K. Minda said stronger industrial cooperation could help businesses in both countries, particularly micro, small and medium enterprises (MSMEs).

The India-EU FTA is expected to provide fresh momentum to bilateral trade. According to ASSOCHAM, zero-duty access to a significant share of Indian exports to the European Union could benefit sectors such as textiles, apparel, leather, footwear, gems and jewellery, marine products, engineering goods, pharmaceuticals and electronics.

The report also identified opportunities in advanced manufacturing, semiconductors, digital technology, critical minerals and defence, where Germany's industrial capabilities could complement India's growing manufacturing and services sectors.

ASSOCHAM Secretary General Saurabh Sanyal said green growth was another promising area for cooperation.

He highlighted opportunities linked to Germany's Green and Sustainable Development Partnership and collaboration in renewable energy, green hydrogen, electric mobility and battery storage.

Such cooperation could support investment, technology exchange and sustainable industrial development, he said.

ASSOCHAM Chief Economist S. P. Sharma said India had significant potential to expand exports to Germany through greater utilisation of the India-EU FTA. He said exports could even reach USD 60 billion (EUR 54 billion) by 2030.

The report also stressed the importance of stronger business-to-business engagement, sectoral interactions and buyer-seller meetings to convert the growing economic partnership into concrete commercial opportunities.

Goyal is visiting Germany and the Netherlands from October 22 to 27, leading a delegation of around 100 Indian businesses and startups to explore opportunities in trade, investment and industrial cooperation.

During the visit, he held discussions with German officials and business leaders on expanding bilateral trade, strengthening investment partnerships and increasing cooperation in technology and industry.

ASSOCHAM said it would continue to facilitate industry engagement and knowledge-sharing to help Indian businesses explore opportunities in Germany and strengthen the India-Germany economic partnership. (ANI)