ISCC Mumbai Event Showcases FEBI's Role in Strengthening EU-India Business Bonds

FEBI Unveiling Propels Collaborative Growth and Trade Synergies in Mumbai Summit

·       FEBI Inauguration Boosts EU-India Relations: Unveiling FEBI energized EU-India trade under Spain's EU presidency.

·       Insights Illuminate Trade Challenges: Discussions emphasized fair competition and transparent regulations.

·       FTA Progress Urges FEBI Engagement: Advancements call for active business involvement, shaping India's business landscape.

Mumbai, 04 December 2023 - The Indo-Spanish Chamber of Commerce (ISCC), leading Spain's commercial integration in India, hosted a significant event - the introduction of FEBI (Federation of European Business in India) to Mumbai's business community on 29 November, 2023. Eminent figures, including Consul Generals of EU nations in India, the Head of Trade of the EU Delegation, and Economic and Commercial Counsellors from diverse EU countries in Mumbai, gathered. Representatives from Germany, France, Italy, Sweden, Finland, and Spain's bilateral chambers in India, alongside prominent EU companies, convened for the momentous unveiling and establishment of FEBI in Mumbai's dynamic business milieu.

FEBI, the newly minted EU chamber of commerce in India, established officially in August 2023, commenced its operations under Spain's EU presidency. The event marked a pivotal link in this trajectory, reflecting the imperative role of Spain within the EU's second-semester presidency.

Kicking off the proceedings, Mr. Fernando Heredia, Consul General of Spain in Mumbai, emphasized the burgeoning significance of India-EU ties, endorsing the FEBI initiative. This sentiment was echoed by Mr. Vicente Gomis, Economic and Commercial Counsellor of Spain in Mumbai, who underlined the escalating trade importance through factual insights. The President of ISCC, Mr. Óscar Esteban, accentuated FEBI's role as the vanguard for EU policy advocacy in India. He also acknowledged the collaborative efforts of EU national bilateral chambers of commerce in shaping FEBI and underscored the historic nature of the event, uniting them for the first time.

The event unfolded with an engaging panel discussion featuring representatives from the six EU national bilateral chambers of commerce in India. The topic of discourse revolved around "EU-India trade and investment relations and sentiment." The panel deliberated on the challenges and complexities of conducting business in India while highlighting the vast opportunities the country presents for EU companies. The discussions illuminated hurdles such as import tariffs, labyrinthine customs procedures, marking and labeling requisites, bureaucratic processes causing delays, and trade-related technical barriers. Most EU companies operational in India consider these impediments pivotal to their success and eagerly anticipate the finalization of the EU-India free trade agreement (FTA) to amplify their investments in the country. A resounding call for a level playing field, transparent regulations, and equal competition opportunities with Indian counterparts emerged as a common aspiration among EU companies. Additionally, the value proposition of EU companies extended beyond existing investments in India, emphasizing innovation and adherence to ESG (Environment, Social, and Governance) standards as differentiating factors.

The event culminated with closing remarks by Ms. Renita Bhaskar, Head of Trade of the EU Delegation in India. She shed light on the genesis of FEBI and the ongoing progress in FTA negotiations. Ms. Bhaskar announced the forthcoming rounds of discussions between the EU and the Government of India, inviting companies to join FEBI and contribute to the enriching landscape of India's business ecosystem.

About ISCC: Established during a momentous event at the Spanish Embassy in India in March 2018, ISCC received official recognition from the Spanish Ministry of Trade, Industry, and Tourism in August 2019. ISCC stands committed to fortifying business relationships between India and Spain, fostering a community that facilitates the exchange of experiences, contacts, and shared knowledge for Spanish companies operating in India. It serves as a pivotal resource for other Spanish entities eyeing business prospects in India and for Indian firms seeking collaborations with Spanish enterprises or ventures in Spain.