Innovation Current Affairs - 2020

Uzbekistan Investment Summit modeled on Vibrant Gujarat Summit

During the Vibrant Gujarat Summit held by the Gujarat State Government in January 2019, a partnership memorandum was signed by the Uzbekistan President and the Gujarat Government. Following the summit, Uzbekistan sought India’s help for conducting similar event. India extended its support and Gujarat CM Rupani is to visit Uzbekistan to attend the summit.

Significance

  • The Gujarat CM will attend India-Uzbekistan regional investment forum
  • The summit will be of great help for Gujarat pharmaceuticals companies. Gujarat being the hub of pharmaceuticals, can very well utilize the resources of Uzbekistan

Vibrant Gujarat Summit

Vibrant Gujarat is a biennial investors summit that is held by the Government of Gujarat. The purpose of the event is to bring policy makers, investors, corporations and business leaders together. It was begun in 2003. The conventions in the event predominantly include the industrial sectors like Biotech-Pharma, Agro-Processing, Natural Gas and Oil, Mining, Tourism, etc.

Technology Summit, 2019

The 25th Technology Summit is a bilateral platform that provides opportunities to industries, government agencies and institutes from India and other countries to interact with each other. In 2017, Canada participated in the Summit and in 2018 it was Italy. This year Netherlands has been invited. The summit acts as a forum to forge partnerships, explore new avenues and to create joint ventures to explore new avenues of collaborations to boost trade and investment. The summit is to be held in New Delhi between 15 and 16 October, 2019. It is being organised by Ministry of Science and Technology.

Next year, India has planned to take the summit globally. It intends to invite participants from different countries.

Theme: Young entrepreneurship

The 2019 India – Netherlands technology summit is being organized by DST and CII, DST-Department of Science and Technology and CII-Confederation of India Industry.

Objectives

  • To profile the Netherlands–India technologies
  • Showcase opportunities for Netherlands and India on technology and scientific research across key areas, especially in the fields of water, agriculture and Health
  • To increase the visibility of Dutch and Indian entrepreneurial ecosystem.
  • To highlight the cooperation between India and Netherlands.

Significance in choosing Netherlands

The bilateral research cooperation between India and Netherlands in fields like Internet of Things, medical devices, big data, urban water system would be enhanced through the summit. There are great scopes for closer partnership between the countries to leverage emerging digital technologies.

Investment

According to the Ministry of External Affairs, there are over 200 Indian companies operating in Netherlands. It is the third largest investor in India in 2017 – 18 with investments valued at 2.67 billion USD. The top 5 sectors that are attracting FDI equity flows from Netherlands include computer, hardware, software, automobile industry, trading and fermentation industries.

Trade

The bilateral trade between India and Netherlands between April 2017 and March 2018 was around 6.28 billion USD. Netherlands is the fourth largest trading partner of India after EU, UK, Germany and Belgium.

Indian Diaspora

There are around 2,35,000 Indian living in Netherlands. Of which, 2 lakh are Suriname-Hindustani community that are well integrated to the Dutch society. Apart from this there are 3,000 Indian students pursuing their masters, bachelors and research courses in various universities in Netherlands.

Outcomes of the summit

  • The Indian and the Netherlands governments are to sign MoUs based on the summit and the requirements identified by it.
  • New public-private partnerships between India and Netherlands
  • New opportunities for fast tracked market entry for existing Dutch and Indian stakeholders.
  • Solutions for societal challenges
  • Deepening the ties between India and Netherlands in multiple verticals of knowledge.