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India-Europe 29 Business Forum 2019

The 5th edition of the India-Europe 29 Business Forum IE29BF ( will take place on 20-21 November 2019 at the Pravasi Bharatiya Kendra, New Delhi, India. The event is being organized by the Central Europe and Economic Diplomacy Divisions of the Ministry of External Affairs in partnership with the Confederation for Indian Industry (CII).

Invited Countries

Albania Austria Bosnia & Herzegovina Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Finland Greece Holy See Hungary Iceland Latvia Liechtenstein Lithuania Macedonia Malta Moldova Montenegro Norway Poland Romania Serbia Slovak Republic Slovenia Sweden Switzerland Turkey

Focus Sectors

1.Artificial Intelligence

  • India’s large tech talent pool, in the process of upskilling to AI
  • India is 3rd in terms of high-quality AI research and publications.  More than 400 start-ups working in AI and Machine Learning
  • Indian companies 3rd highest early adoption of AI

Business Opportunities:

  • Tap India´s huge AI market and use India as a hub to service global clients including emerging economies
  • Partner with Indian academic institutions and companies for joint R&D efforts
  • US$ 70-80 billion software sector targeted by Government of India by 2025

2. IT & ITeS

  • 75% of global digital talent in India
  • World’s third largest Tech start-up hub in India
  • 200 plus Indian companies are expanding globally
  • Cost saving BPM Services by India: 5-6 times more cost effective than global players
  • India: Hub for Digital Skills

3. Pharmaceuticals<

  • Indian pharma is 3rd largest in terms of volume, 13th largest in terms of value
  • India is the largest supplier of generic medicines: 50% of global demand
  • 4th largest medical devices market in Asia
  • 3000 + Pharma companies with over 10,500 manufacturing facilities
  • Low cost of production coupled with low R&D costs
  • Large medical and medical-related talent pool
  • 5478 regulatory accreditations in Europe
  • Highest number of USFDA approved Units in India

Business Opportunities:

  • US $280 billion healthcare market by 2020, US$ 200 billion on Healthcare Infrastructure
  • Contract manufacturing and research services (CRAMS): leverage India’s large patient population, with genetic pool and cost-quality proposition (potential savings of ˜30-40% compared to EU)
  • Explore API production in India (currently, imported from China)
  • Medical Equipment: US$ 8 billion opportunity: India imports nearing 80% of its requirement.
  • Biotech and bio-services sector: clinical trials, contract research, and manufacturing activities-Collaboration

4. Renewable Energy

  • India doubled Renewable Energy Capacity in last 4 years
  • India has 5th largest Installed Renewable Energy Capacity in the World
  • India has 4th Largest Installed Wind Capacity in the World
  • 6th Largest Installed Solar Power Capacity in the World

Business Opportunities:

  • Target by 2022: 175 GW: Current Capacity: ᷉75 GW
  • Potential for new Manufacturing Technology beyond Photovoltaic for solar
  • Potential for new Technology for low wind velocity
  • India also needs: Grid balancing Architecture; Storage Technology (National Energy Storage Mission developed)
  • 30 GW of offshore Wind been planned in Coastal States – Tamil Nadu & Gujarat
  • Investment Potential: 392 Projects worth US $25.3 billion (Invest India)

5. Smart Cities, including urban transportation

            Government’s Smart Cities Mission:

  • 100 cities identified across India
  • Govt Budget: US $ 30 billion


  • Water Management
  • Urban Mobility
  • Waste Management
  • Housing and Area Development
  • Energy Management
  • e-Governance & Citizenship Services

Business Opportunities:

  • US$ 650 billion Infrastructure Investments over the next 20 years by Government (5151 projects envisioned)
  • Electric Mobility: Technical cooperation and partnerships to develop electric mobility solutions
  • Digital solutions: Traffic management, citizen safety, smart waste management, smart street lighting etc.
  • Water: Public-private partnership model and unique hybrid annuity model in practice – Waste projects in Chennai, Bangalore and Agra in operation
  • Waste Management: Technology, Management and Capacity Building

Components of the Forum

Partner Country Sessions

Exposition/Interactive Tech Space

Cultural and Gala Dinner

Start-up Connect/Hackathon

Sectoral field visits

Participation by states of India


For more details please contact the Embassy of India in Reykjavik.

Tel: +354 5349955 (Mr. Stefán Bragi Guðnason) Commerce Desk



Key Outcomes Expected

Bring together various stakeholders to facilitate dialogue on pre-identified projects.

Focus on tangible outcomes in terms of building new business partnerships.

Chart out a roadmap for increased trade and investment by focusing on certain sectors, capitalizing on opportunities in those sectors and removing bottlenecks.

Create a higher level of awareness of the business climate and incentives provided by each country.

Please consider forming a delegation of interested parties and do not hesitate to contact the Embassy of India in Iceland if you are interested in this event. We will gladly help recommend your participation as well as be of assistance in the application process.