Biotechnology, genomics and cancer research would be the common areas of interest for R&D and collaborative research between India and Germany, opined trade experts and scientists from Germany who were part of the German trade delegation which was in Mumbai recently.

Germany has a good R&D base with big potential in the form of academia industry synergies. Elaborates Dr Rainer Muller, senior manager, Nanotechnology, Germany Trade and Invest, "Drug delivery is highly relevant for the future and efforts are being made particularly in cancer research to find the root of disease through better diagnosis which will ensure its early prevention."

Talking about the recent advances he added that researches are done on iron oxide nano particles to be injected into tumour for cancer treatment.

"Besides that, many of the German companies are buying generics from India which makes it evident that Germany and India's healthcare and pharma is well integrated and talks highly about trade relationship between the two countries that stretches back nearly five centuries," says Bernhard Steinruecke, director general, Indo German Chamber of Commerce.

The Hyderabad headquartered Dr Reddy's Laboratories paid around Rs.2,550 crore to buy out Betapharm, making it the largest overseas acquisition by an Indian pharma company in 2006. Betapharm Arzneimittel GmbH is Germany's fourth largest generics company.

“India’s likely future economic strategy will include an emphasis on internationalization,” said Peter Alltschekow, director Eastern Germany at Germany Trade & Invest, talking about exploring opportunities in Eastern Germany.

Says Alltschekow, “This is where we believe we present India with a big opportunity. Germany’s standing in Europe and India’s key internationalizing industries, coupled with unmatchable investment conditions in Europe’s most robust economy, presents a perfect opportunity for Indian companies to place themselves in the vast European business landscape.”

Building on the back of a relatively modest predicted five per cent economic growth for 2013, India’s businesses are cautiously looking abroad for both export market and location potential, with Germany very much in sights. The fourth-largest economy in the world with a GDP of $3.5tn, Germany is also India’s second-biggest partner in technological collaborations.

Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organisation advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.