India and the Netherlands have formulated a mechanism for faster the resolution of investment cases of Dutch companies operating here in the country, an official statement said on Wednesday.

The Department for Promotion of Industry and Internal Trade (DPIIT) and the Embassy of the Netherlands have signed a joint statement to formalise the bilateral Fast Track Mechanism (FTM).

Invest India, the national investment promotion and facilitation agency is the executing body of the FTM. The mechanism will strengthen and assist bilateral efforts to increase mutual investment activities, as well as support and develop business cooperation between companies in both countries.

“Some Dutch companies have been operating for over 100 years in India, which illustrates this close bilateral relationship. We are keen to collaborate more with our Indian partners to further stimulate Dutch companies in India, particularly in key areas of economics, science and innovation,” Marten van den Berg, Ambassador of the Netherlands to India, said.

DPIIT secretary Anurag Jain said both sides have worked to resolve several issues of Dutch companies even before the FTM process began. Diplomatic relations between India and the Netherlands were established in 1947. According to government data, the Netherlands is the fourth largest foreign direct investor in India.