India and the Czech Republic Set the Trade Target of 2 Billion US Dollars by 2012

India and the Czech Republic upgraded their economic cooperation and fixed a target of bilateral trade volume of two billion US Dollars by 2012. The current volume is 1.3 billion US Dollars. The decision was taken on 10 October 2011 in New Delhi between the visiting Czech Minister for Industry & Trade, Martin Kocourek and Commerce and Industry Minister Anand Sharma. During the discussions, Anand Sharma stressed the need for a liberal visa regime for business people and suggested that a system of issue of long-term business visas on the recommendations of the apex business chambers should be put in place.

The Czech Minister agreed that the VISA regime needs to be addressed more forcefully and informed the Indian side that next week their government will discuss Investment Incentive Act for the Czech Republic and corresponding resolution of VISA related issues will form part of the discussion.