Memorandum of Understanding
The MoU extends an initial partnership formalised in 2019 and sets the terms of understanding between CECE and ICEMA for their bilateral cooperation. The main objective of the cooperation is understanding reciprocal market developments and improving market access and global trade. CECE and ICEMA pledge to work together towards closer collaboration in the area of regulatory convergence, data exchange, and market openness.
“Both the European and Indian markets offer great potential for the construction equipment industry,” said CECE President Alexandre Marchetta. He reminded the importance of this partnership: “CECE ICEMA close collaboration helps the industry in improving market access and accelerating technical developments.”
ICEMA President Dimitrov Krishnan said, “The ICEMA – CECE Summit 2022, the first of its kind to be held between the Indian and EU Construction Equipment Industries, is a step in the right direction. It opens up opportunities for constructive dialogue and collaboration between ICEMA and CECE across a wide range of areas like Technology Development & Sustainability, Policy & Trade, and Supply Chain Management, amongst others.”
“The ICEMA & CECE collaboration assumes significant importance for the infrastructure sector. Joint dialogues and initiatives between the two global associations will help foster developments across key areas of common interest between the Indian and EU Construction Equipment Industries,” said Deepak Garg, Convener, ICEMA Strategic Partnerships Panel.
Enhanced cooperation
Europe and India are amongst the largest markets worldwide. With over 500 million consumers, the European Union is a well-integrated internal market whose high standards in safety and environment are recognized worldwide. India, with its huge middle class, is one of the fastest growing global economies and offers a lucrative market for investment and growth. Against this background, a mutually reinforced cooperation is beneficial for both the markets.
Creating opportunities for both markets
The MoU is seen as a great opportunity for both the markets towards guaranteeing fair competition and free trade. Establishing long-term business relationships based on partnership, trust, and mutual learning, are key to strengthening the ties between the respective construction equipment markets.
CECE (Committee for European Construction Equipment) represents the interests of 1,200 construction equipment manufacturers through national trade associations in Europe. CECE manufacturers generate €40 billion in yearly revenue, export a sizeable part of the production, employ around 300.000 people overall. They invest and innovate continuously to deliver equipment with highest productivity and lowest environmental impact.
ICEMA (Indian Construction Equipment Manufacturers’ Association) is the representative body of the Indian construction equipment industry. ICEMA is affiliated to the Confederation of Indian Industry (CII) and currently represents over 80 leading companies that manufacture, trade, and finance equipment of all kinds and capacities for the construction sector.
