Manufacturing industries in Coimbatore should reach out to potential partners in the European countries and tap the potential in Europe, said V. Parthiban, Managing Director of Bull Machines, in Coimbatore on Wednesday.
Inaugurating VDMA India’s South India Meet on “Growth Opportunities in Indo – European Business Forum”, he said Europe needs India more now. European countries have “fantastic technologies” but are not competitive. India has competitiveness and is embracing technologies more. The market potential is, thus, high in Europe and the companies in Coimbatore should tap the potential by reaching out to potential partners in the European countries, he said.
According to M. Karthikeyan, president of the Coimbatore District Small Industries Association, Micro, Small, and Medium-scale Enterprises (MSMEs) are the bloodline of Coimbatore. The future of Coimbatore is in sectors such as Defence, electric vehicles, and semi conductors.
Rajesh Nath, Managing Director of VDMA India, said the VDMA now has a European outlook and has 400 companies from outside Germany as its members. The size of the Indian economy was $ 2.8 trillion in 2015 and it was the 10th largest economy globally. Now, it is the fourth largest with $ 4 trillion. This growth is not abstract. The urban and rural markets are thriving; inflation is stable; market is confident; and digital penetration is high.
