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Our Bureau

Bilateral trade predicted at $100 b by 2010

Coimbatore , Jan. 12

Market watchers at Indusview predict that bilateral trade between India and Europe will hit $100 billion by 2010. "2006 saw Indian companies spend around $10 billion on overseas acquisitions, with Europe accounting for 42 per cent of the deals. The country saw investment of almost $20 billion, of which at least 50 per cent was private equity. But 2007 is set to put 2006's economic growth in the shade," says Mr Bundeep Singh Rangar, Chairman, IndusView.

Mr Rangar foresees a steep rise in external Indian investments this year, as European companies become targets for organisations looking to strengthen their portfolios. Market analysts at Indusview say the year will see record number of Indian companies acquiring businesses in Europe, while Western companies redouble their efforts to take a stake in India.

"With Indian companies investing $2 billion in the UK alone in 2006, 2007 could see European land-grab as Indian prospectors search for ways to improve their footing on the international stage," he added. "With many industries reporting good growth in 2006 - such as 28 per cent in IT, 35 per cent in consumer finance and 42 per cent in healthcare - investment overseas looks certain and the outcome would be more jobs, healthy economies and increased trade,'' Mr Rangar said.

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