As many as 74 Indian companies have generated annual revenues of 11 billion euros and employed nearly 23,300 people in Germany, a recent survey said.

According to a survey titled ‘Indian Investment in Germany: Update 2018’ conducted by EY, Indo German Chamber of Commerce and CII, four dominant sectors accounted for almost 95 per cent of the revenue generated by Indian companies in Germany, as well as 89 per cent of the 23,300 people employed.

“Out of the total number of more than 213 Indian subsidiaries operating in Germany, nearly 74 Indian companies each with annual turnover of more than 10 million euros generated combined annual revenues of around 11 billion euros,” the report said.

The four dominant sectors include automotives, metals and metal-processing, chemicals and pharmaceuticals and professional, scientific and technical services.

“The top 10 Indian companies alone account for more than 74 per cent of all revenues generated by Indian companies and employ around 59 per cent of this group’s total workforce,” it said.

The report noted that excellent infrastructure, favourable R&D and innovation conditions as well as a highly skilled labour force comprise top-rated business environment factors by Indian investors in the 2018 update.

“In addition, the opportunity to access European market post Brexit is an important factor for Indian investors,” it said.

The study noted that Indian investors viewed the quality of living at affordable prices very positively. “The quality of education, which is offered for free by the Government, makes Germany an attractive location for relevant research and development activities.

“Also, the security standards, personally and for financial investments, qualify Germany to be a perfect destination for Indians, who intend to diversify risks investing their private wealth in the Federal Republic,” the report added.