BS reported that German marine equipment firms are keen on partnering with the Indian shipping and shipbuilding industry to exploit growth opportunities.

As per report specifically, small and medium sized companies are
looking for long term collaborations with domestic firms for
establishing facilities here to service the growing demand for marine
and offshore equipment in India as well as to cater to other markets in
the region.

Facing a retracting market in Europe, German firms looking to
capitalize on emerging economies in south and East Asia initially
zeroed in on China as a possible manufacturing hub. However, after
being confronted with a variety of difficulties, including
technological imitation by Chinese companies, the German maritime
industry now wants to intensify business relations with India.

Mr Hauke Viktor Schlegel MD of VDMA Marine and Offshore Equipment
Industries said that “When compared to China, it is easier to do
business in India. Apart from the language problem, we had issues
regarding intellectual property rights in China. We do not like
partners who take our technology.”

He said that the German maritime industry, which is the largest
exporter of high tech marine equipment worldwide would not only look at
the private sector in India but is also hopeful of increasing its
participation in naval projects.

Mr Rajesh Nath MD of VDMA India said that “German companies view India
as a growing and sustainable market. There is substantial interest in
outsourcing certain functions, such as component manufacturing, to
firms here as there is a cost advantage of at least 20% compared to
Germany.”

Source: Business Standard

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