Netherlands Signs Framework Agreement of ISA

Both countries agreed to enhance their ties with boosting trade and investment. The multiple sectors which were highlighted include agriculture, food processing, science & technology and water management.

ISA

Following the bilateral summit between Prime Minister Narendra Modi and Netherlands counterpart Mark Rutte inked the framework agreement of the International Solar Alliance (ISA).

Both countries agreed to enhance their ties with boosting trade and investment. The multiple sectors which were highlighted include agriculture, food processing, science & technology and water management.

ISA was launched by Modi and former France president Francois Hollande at the Paris climate summit in 2015. The purpose to form an alliance was to address the special energy needs of the solar resource rich countries and provide a platform to collaborate on issues related to solar industry.

While jointly addressing the media Modi said that hundreds of Dutch companies have been operating in India for many years now.

PM Modi said “The Netherlands is the fifth largest source of the total foreign direct investment made in India till now. And in recent times, it has even risen to become the third largest source.” He added that in the same way The Netherlands is a very attractive destination for companies of India.

According to figures released by the External Affairs Ministry, India and The Netherlands have a bilateral trade of $7.621 billion (April 2017-Feb 2018). Stating that the interaction with the CEOs of the two countries was very productive, Modi said: “I am happy that the business community of The Netherlands is enthusiastic about the new opportunities arising in India. I have assured them of my strong commitment to the economic reforms.”

On his part, Rutte said that ties between India and The Netherlands have become very close both on the economic and the political sides. “Many Indian companies, which are active in The Netherlands, are helping us to build a more successful and more resilient society,” he stated.

“Highlighting the role of youth in enhancing future collaboration in innovation and startups, the leaders welcomed the launch of the StartUpLink initiative by Invest India and the Netherlands Embassy in Delhi,” the statement said.

Modi said that agriculture and food processing hold special significance for India as these are related to the country’s food security. “At the same, the target of doubling the income of Indian farmers is also of great significance,” he said.

Apart from Rutte signing the ISA framework, India and The Netherlands also signed a wide range of agreements and initiatives across different sectors like knowledge institutions, water, agrifood and horticulture, hi-tech, IT and space, life sciences and health, smart cities, business, and sustainability.

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