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Enhancing Collaboration & Trade in Construction Machinery between Europe & India

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CECE President Alexandre Marchetta and ICEMA President Dimitrov Krishnan signed a memorandum of understanding at the recent CECE-ICEMA virtual summit to expand cooperation between the two continental organisations.

Memorandum of Understanding

The MoU expands on the initial partnership formalized in 2019 and provides for bilateral cooperation arrangements between CECE and ICEMA. The main objective of the cooperation is to understand each other’s market developments, improve market access and global trade. CECE and ICEMA are committed to strengthening cooperation in the areas of regulatory convergence, data exchange and market opening.

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“Both the European and Indian markets offer great potential for the construction machinery industry,” said CECE President Alexandre Marchetta. He recalls the importance of this partnership: “The close collaboration with CECE ICEMA helps the industry to improve market access and accelerate technological development.”

Dimitrov Krishnan, President of ICEMA, said: “The ICEMA-CECE Summit 2022, the first of its kind between the Indian and European construction machinery industries, is a step in the right direction. Opportunities for constructive dialogue and cooperation in multiple areas, including sex, politics and trade, and supply chain management.”

“The collaboration between ICEMA and CECE has important implications for the infrastructure sector. Joint dialogues and initiatives between the two global federations will help to promote the development of key areas of mutual interest to the construction machinery industry in India and the EU,” ICEMA said Deepak Garg, Convenor of the Strategic Partnerships Group.

Strengthen cooperation

Europe and India are among the largest markets in the world. With more than 500 million consumers, the EU is a highly integrated single market with high safety and environmental standards recognized globally. With a large middle class, India is one of the fastest growing economies in the world and offers a lucrative market for investment and growth. In this context, mutually reinforcing cooperation is beneficial to both markets.

Create opportunities for both markets

The MoU is seen as an excellent opportunity for the two markets to guarantee fair competition and free trade. Building long-term business relationships based on partnership, trust and mutual learning is the key to strengthening ties between the various construction equipment markets.

CECE (European Construction Equipment Council) represents the interests of 1,200 construction machinery manufacturers through European national industry associations. CECE manufacturers have an annual turnover of 40 billion euros, a considerable part of which is exported, and employ around 300,000 people. They continue to invest and innovate to provide equipment with the highest productivity and lowest environmental impact.

ICEMA (Indian Construction Equipment Manufacturers Association) represents the Indian construction equipment industry. ICEMA is a member of the Confederation of Indian Industry (CII) and currently represents more than 80 leading companies that manufacture, trade and finance equipment of all types and capabilities for the construction industry.

Complete News Source: NBM&CW

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