Prime Minister Narendra Modi and German Chancellor Olaf Scholz held talks here on Saturday.
"The strong ties which India and Germany share are based on shared democratic values, and a deep understanding of each other's interests. The two countries also share a long history of cultural and economic exchanges between them. Along with being our largest trading partner in Europe, Germany is also an important source of investment in India," PM Modi said during the joint press meet.
He said "apart from being our largest trading partner in Europe", Germany is also an important source of investment in India.
Modi said that due to "Make in India" and "Aatmanirbhar Bharat" campaign, new opportunities are opening up in all sectors in India.
"The interest shown by Germany in these opportunities is very encouraging for us," he said after holding delegation-level talks with the German Chancellor.
The Prime Minister further said: "The business delegation that came today with Chancellor Scholz, and Indian business leaders had a successful meeting, and some good and important agreements were also signed. We also got to hear useful thoughts and suggestions from industry leaders of both countries, on topics such as digital transformation, FinTech, IT, telecom, and diversification of supply chains."
"Since the beginning of the developments in Ukraine, India has insisted on resolving this dispute through dialogue and diplomacy. India is ready to contribute to any peace process. We have also agreed that reform of multi-lateral institutions is necessary to reflect global realities in a better way. This is evident from our active participation within the G4 to reform the UN Security Council," the Prime Minister said.
Meanwhile, German Chancellor Olaf Scholz said: "India has undertaken an enormous rise and that is very good for the relations between both countries. The world is suffering because of the consequences of Russia's aggression. Ensuring food and energy supplies right now."
"A lot has changed since I visited India last time. India is indeed developing. I and PM Modi have similar ideas. We have been cooperative; we have been discussing matters. I am pleased that India has the presidency of G20 this year," he added.
The German Chancellor called the Russia-Ukraine war a major catastrophe which violated economic principles.
"About 1,800 German companies are active in India and have given thousands of jobs," said the German Chancellor.