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TRADE

 

  • Expressing India's willingness to support East African nation Burundi in its growth, President Pranab Mukherjee said both the countries need to systematically pursue new areas of economic cooperation and investment for their mutual benefit.Mukherjee sought Burundi's support for India's candidature for permanent membership in an expanded UN Security Council."India stands ready and willing to join hands with the people of Burundi in pursuing their aspirations for development and growth. There is great potential to further strengthen bilateral trade and investment between our two countries."New areas of economic cooperation and investment are opening up. These need to be pursued systematically to the mutual benefit of our people," the President said at a banquet organised for Burundi's President Pierre Nkurunziza and his wife Denise Bucumi Nkurunziza.India's experience, particularly in energy, agriculture, infrastructure, minerals and in the development of small scale industries and capacity building, are ideally suited to generate employment for the youth, he said."We believe that this could be of relevance to Burundi's socio-economic development," Mukherjee said.Earlier, India announced a USD 40 million line of credit to mineral-rich Burundi and signed MoUs relating to rural development, health and medicine sectors.


  • To enhance bilateral trade between India and Lithuania, which was at US$ 208.75 million in 2010-11, Ms Diana Mickeviciene, Minister Counsellor of Lithuania, has invited Indian firms to trade in machinery and equipment, textile, food industry, medical devices, chemical products and plastics. She is looking for collaboration with India has in the field of research in science and technology and education. She was speaking recently at a meet of the Merchants Chamber of Commerce and Industry in Kolkata. She said that educated, skilled manpower, logistical support, developed infrastructure and its strategic location made Lithuania a most favoured destination for international investors. Indian companies can use Lithuania as the main trading point for Indian goods in the Baltic region through Klaipeda port. Lithuania government has set up a number of free economic zones, industrial parks and will provide substantial fiscal and financial support to Indian investors. Since Lithuania is a world leader in laser technology, Indian companies can collaborate with them. It provides world class educational institutions in technical and medical fields at a cheaper cost.


  • The trade between India and CIS countries such as Russia and Ukraine is expected to touch USD 30 billion by 2020, exporters body FIEO said.In 2011-12, trade between India and Commonwealth of Independent States (CIS) stood at USD 12 billion.The Federation of Indian Export Organisations (FIEO) at an interaction with Ambassadors and Senior Diplomats of CIS nations said that huge trade potential exists in CIS region. "Pharmaceuticals, engineering, petroleum, wood and furniture products, IT services will play a key role to strengthen trade between India and CIS," FIEO Director General Ajay Sahai said in a statement.To achieve the target, Sahai said the exporters should also take advantage of the focus market schemes.CIS members include Kyrgyzstan, Armenia, Kazakhstan, Turkenminstan and Belarus.

 


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