Indian firms in Europe achieve business turnaround
By ENS Economic Bureau | Published: 19th August 2013 07:58 AM |
Despite growing concerns in the Europe over the sovereign debt crisis, a survey has revealed that the ‘feel good’ factor is returning among Indian companies doing business in the continent.
A survey titled “Is the Worst Phase over for Indian Companies Doing Business in Europe” by industry body, Federation of Indian Chambers of Commerce and Industry (FICCI) states that Indian companies doing business there are seeing a rebound in their business prospects in the region. The survey adds that there has been an increase in the number of companies shedding losses while doing business there. Europe is one of India’s largest trading partners.
The survey stresses on ‘Indian entrepreneurial zeal’ that is helping transform adverse economic situation to its advantage. Even the skill upgrades and development has only added due momentum to the growing synergies between Indian and European enterprises, it said.
Also, the survey states that the current economic crisis in the region has far deeper ramifications on Indian companies’ business interests.
Adding to this is the ongoing negotiations for Free Trade Agreement as well as visas for Indian professionals are one of the contentious concerns for Indian companies.
However, the survey said that getting a business visa remained the most worrying issue for them to effectively engage with the European economies. Further, it said Indian industry is closely monitoring the ongoing negotiations of India-EU for a comprehensive free trade agreement.