Inaugurating the Hannover Trade Fair in which India is a partner country, he complained that visa and other regulations in Germany posed a hindrance in the further growth of economic cooperation between the two countries and stressed the need for addressing these issues.
"India and Germany have great opportunities to work together... To make our economic cooperation more robust, we need to address barriers to trade and investment," Singh said in the presence of Germany Chancellor Angela Merkel.
He said some Indian companies have faced visa and work permit problems in Germany and pointed out that employment and taxation laws also pose problems as do environment and labour standards.
About the liberalisation process in India, he said the country is at the "cusp of a historic transformation" and the reform process will be gaining momentum.
"Today, we have a new vision for India as an active participant in the increasingly integrated global economy," Singh told the gathering of business leaders from Germany and some other countries.
German cos plan big investment for India
Singh said his government was committed to an open, liberal economy, "one that is in tune with the new realities of the global economic order." He said India was seeking to enhance its presence in the international trading system.
"As tariff barriers fall and an even more welcoming investment climate develops, India is more open and more hospitable," the Prime Minister said, adding "ours is one of the most liberal policy frameworks for foreign investment."
Singh said India had opened up more sectors of its economy to foreign investment and noted that at present, we are paying particular attention to infrastructure".
He said his government had announced plans to step up investment in transport, connectivity, power and energy, both in rural and urban sectors.
"Our highway plan, currently nearing completion, is one of the world's largest. Our railway system, already one of the world's largest, is being modernised with new technology. Ports and airports are witnessing renewed activity as the private sector and public-private partnerships in investment and operation are encouraged."
Singh said all these programmes will create significant opportunities for construction and engineering firms.
"On a rough estimate, over the next decade, our economy can absorb over 150 billion dollars of investment in the infrastructure alone," he said and asked the German companies to engage in building these new infrastructure facilities.
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