Photos’ Credit: x.com/PiyushGoyal
Union Commerce and Industry Minister Piyush Goyal has called for expanding India–Germany bilateral trade tenfold to €310 billion, urging businesses to build partnerships across manufacturing, technology and investment as his continuing visit to Germany brings engagements with government, industry and research institutions.
Speaking in Berlin on 22 October, Minister Goyal encouraged businesses to identify their complementary strengths and develop concrete plans to expand trade from around €31 billion. No timeline was specified for achieving the proposed target. He also urged companies to prepare for opportunities under the India–European Union Free Trade Agreement (FTA), including by exchanging samples, discussing quality requirements and working out pricing.
Preparing for Greater Trade and Investment
Minister Goyal said the India–EU FTA was expected to be signed before the end of 2026 and could become operational within the next four to five months. He called for closer cooperation in engineering, manufacturing and skills development, combining Germany’s technical expertise and quality standards with India’s infrastructure, digital capabilities and workforce.
Germany’s Federal Minister for Economic Affairs and Energy, Katherina Reiche, highlighted the scope to double bilateral trade and called for reducing bureaucratic hurdles and advancing joint projects.
Minister Goyal’s Germany visit runs from 22–24 October, followed by engagements in the Netherlands from 24–27 October. Around 100 Indian businesses and startups are accompanying him across the two-country visit, according to the Ministry of Commerce and Industry.
Minister Reiche Meeting Covers Technology and Clean Energy
In a bilateral meeting on 22 October, Minister Goyal and Minister Reiche discussed strengthening cooperation between Indian and German industries.
“Discussed opportunities in AI, semiconductors, advanced manufacturing, critical minerals, green hydrogen, renewable energy, energy storage, and resilient supply chains, as well as increased investment in India’s industrial and digital ecosystems,” Minister Goyal wrote on X.
The Ministers also discussed the trade agreement’s significance for companies in both countries.
“We also exchanged views on how the India-EU FTA will prove to be a game-changer that would help businesses in both India and Germany realise their full potential,” the Minister said in his official post.
DGAP India Center Reflects Growing Bilateral Ties
Minister Goyal spoke alongside Minister Reiche at the inauguration of the India Center of the German Council on Foreign Relations (DGAP) on 22 October.
In his account of the event, the Minister said the Center reflected growing India–Germany ties and a shared commitment to deepening cooperation.
“Our complementary strengths provide a strong foundation for achieving our ambitious economic goals, with the India-EU FTA poised to add further momentum to this partnership,” Minister Goyal wrote.
He also highlighted the scope for building resilient global value chains and urged businesses and investors from both countries to explore collaboration that would advance mutual prosperity and growth, according to his official post.
The inauguration formed part of the Indo-German Business Forum, organised by the Asia-Pacific Committee of German Business in cooperation with DGAP’s India Center and the Embassy of India in Berlin.
Business Leaders’ Roundtable and Berlin Global Dialogue
At a separate Business Leaders Roundtable hosted by ESMT Berlin, Minister Goyal discussed India’s economic growth, reforms and investment opportunities with CEOs and business leaders.
“Shared India’s growth trajectory, our sustained reform momentum, and the immense opportunities for German companies to invest, manufacture, and innovate in India,” the Minister wrote on X.
The session was moderated by Prof. Dr. Lars Hendrik Röller, Founder and Chair of Berlin Global Dialogue, according to the Minister’s official account.
Minister Goyal also participated in the Berlin Global Dialogue panel, “New Era, New Alliances: The Third Path?”, where he described trust as “today’s new rare earth”.
“I also discussed how India approaches global partnerships as win-win opportunities for all, building on complementary strengths,” he wrote.
The Minister highlighted India’s recently concluded FTAs with developed economies, ongoing trade negotiations, and the country’s strengths in skills and scale in his post on the discussion.
During the Berlin Global Dialogue, Minister Goyal also criticised the EU’s Carbon Border Adjustment Mechanism (CBAM) and restrictions on steel imports, saying these could increase costs for European consumers and affect the competitiveness of European industry.
Bayer and Fresenius Meetings Focus on Healthcare
In updates posted on 23 October, Minister Goyal outlined meetings with senior executives from Bayer and Fresenius Group on healthcare investment, innovation and manufacturing.
In his meeting with Stefan Oelrich, President of Bayer’s Pharmaceuticals Division, the Minister discussed the company’s expansion plans in India.
“Discussed Bayer’s expansion plans in India & opportunities to deepen its engagement in our robust healthcare ecosystem through greater investment, innovation & collaboration,” Minister Goyal wrote in his official post.
Minister Goyal also met Michael Sen, CEO of Fresenius Group. Their discussions covered India’s expanding healthcare sector, demand for quality and affordable medical solutions, and manufacturing capabilities.
“Explored how the company can harness our skilled talent and world-class production capabilities to serve both domestic and global markets,” the Minister said in his account of the meeting.
Knauf Discussions Cover Sustainable Construction
In another update posted on 23 October, Minister Goyal reported a meeting in Berlin with Murat Akyildiz, Global General Partner at Knauf Group.
“Discussed Knauf’s expanding manufacturing in India and avenues to deepen collaboration across sustainable construction materials and infrastructure development, aligning with India’s unprecedented urban and economic transformation,” the Minister wrote in his official post.
Sectoral Roundtables Continue the Business Programme
The accompanying Indian delegation’s programme includes India–Germany sectoral roundtables scheduled for 23 October in Berlin.
The organiser, OAV, lists discussions across automotive and advanced manufacturing; infrastructure and energy; information technology, artificial intelligence and services; agri-food, consumer goods and textiles; and healthcare, pharmaceuticals and wellness. The meetings bring German companies together with representatives of the Indian delegation to discuss market opportunities and potential partnerships.
The Ministry of Commerce and Industry also announced an investment roundtable with Germany Trade & Invest on establishing operations in Germany, alongside exchanges with innovation and research institutions on industrial transformation, deep technology, microelectronics and skills development.
