Inaugurating the Indo-German Business Summit in Hannover along with German Chancellor Angela Merkel, he said India's economy is "strong and robust" and the country was confident of sustaining high economic performance and growth rate and raising it to the 8 to 10 per cent bracket.
"I believe 65 per cent of German manufacturing companies already have a presence in India and another 30 per cent plan to come there. This is a good augury for expanded cooperation between us in future," Singh told a gathering of top German business leaders.
India at cusp of historic reforms: PM
"To newcomers, I wish to say, that a warm welcome will await them in India. Our government will create enabling environment conducive to risk-taking, adventurism and enterprise which have been long associated with German industry," he said.
Asking the German business community to take advantage of the pool of high quality scientific talent and skilled workforce in the manufacturing and services sector, the Prime Minister said there was "immense scope for Indo-German cooperation based on the triad of infrastructure development, manufacturing and high technology."
He pointed out that many German companies have successfully leveraged the advantage India offers to set up R&D facilities and business processes outsourcing operations.
German cos plan big investment for India
Other corporations also are increasingly aware of the enormous opportunities that a market of over a billion consumers offer in the long run.
"Subsequently, it is no surprise that German companies are planning to expand their operations in India and make India their manufacturing hub for the region. This is smart strategic planning. I welcome it," he said.
Singh, who earlier in the day inaugurated the India Pavilion of the Hannover Trade Fair in which India is a partner country, went around several stalls.
Speaking on the occasion, Merkel said the Prime Minister had told her during the bilateral talks how welcome German companies were in India.
She said all German companies, including small, medium and big should avail of this opportunity. She pointed out that India had enormous potential and was witnessing rapid economic growth.
"It is important to make India a partner," she said adding "we are running open doors to business communities and others. We should step through these and take advantage."
