New Delhi [India], October 4 (ANI): India's expanding economic strength and its 'Make in India' initiative are drawing greater interest from European companies, which view the country as a key partner for growth, jobs, and investment.

Speaking at the second Annual General Meeting of the Federation of European Business in India (FEBI), Herve Delphin, Ambassador of the Delegation of the European Union to India, stressed that India is already home to a large European business footprint and that a Free Trade Agreement (FTA) could unlock even greater opportunities.

According to a new FEBI survey, more than 6,000 European companies operate in India, creating over three million jobs. These firms not only invest but also manufacture, innovate, and export from India, contributing directly to Prime Minister Narendra Modi's 'Make in India' vision.

'EU businesses perceive India as an attractive market, a market with challenges but also one that offers huge opportunities. While benefiting from these opportunities, EU companies also make substantial contributions to the Indian economy. They create jobs, invest, manufacture, and innovate in India. In short, they 'Make in India',' the envoy said.

The European Union remains India's largest trading partner, with goods trade reaching EUR 120 billion, ahead of both the United States and China. Including services, bilateral trade has touched EUR 180 billion, as per FEBI survey.

Delphin highlighted that despite the strong numbers, there is 'huge untapped potential' given that the EU and India are the world's second- and fourth-largest economies.

The ambassador mentioned that to unlock this untapped potential, 'EU and India are negotiating the FTA.'

With the 14th round of FTA negotiations set to begin on October 6 in Brussels, the EU side emphasised that an agreement would provide a significant boost to investment flows and supply chain cooperation. 'With an FTA, it could be much bigger. Eighty per cent of EU firms said they would scale up investment and jobs in India,' the Delphin further said.

President Ursula von der Leyen and Prime Minister Narendra Modi have already set an objective to conclude the deal by the end of 2025. 'The EU was and is still ready to conclude on a meaningful package. We look forward to the next round and further negotiations towards a mutually beneficial deal,' the official added.

Alongside the FTA, both sides are negotiating an Investment Protection Agreement designed to create a predictable and secure environment for investors. The agreement will safeguard the right of states to regulate while also providing clarity for businesses.

The EU recently unveiled a new EU-India Strategic Agenda linking prosperity, sustainability, technology, defence and mobility. Proposals include innovation hubs, Blue Valleys for value chains, a TTC 2.0 on critical supply chains, and a gateway office to ease ICT worker mobility.

The official noted that India's growth story is central to Europe's economic vision. 'FEBI and the whole community of European business in India are part of India's growth story as well as of the EU-India partnership.'

As India marked Navratri this week, the EU Ambassador called it an 'auspicious sign' for a stronger partnership. (ANI)