Kolkata, Mar 07 (UNI) Engineering Export Promotion Council (EEPC) Chairman Rakesh Shah today said that the Indian Engineering exports growth is targetted at four billion USD by 2010.
Announcing a 48 per cent growth in the exports in 2006-07 at 123.54 million USD during an exhibition here, Mr Shah said, ''We are expecting a growth of 10 billion USD in Indo-Russian trade by 2010 and hope to revive the flourishing business we had with the erstwhile USSR through these exhibitions.'' ''There have been resurgence in trade between the two countries since 2003-04, he said, while adding that Indian engineering exports to Russia amounted to 123.54 million USD in 2006-07 in contrast to 83.26 million USD of 2005-06, showing a remarkable growth by 48 per cent.'' Indian Engineering Exhibitions (INDEE), which is being held from March 11-14 in St Petersburg, Russia, will be inaugurated by Deputy Governor of St Petersburg Mikhail Oseyevsky, in presence of India's Ambassador to Russia Prabhat P Shukla and Joint Secretary of the Union Ministry of Commerce Neeraj Gupta.
Mr Shah announced that during the four-day event, EEPC will sign two MoUs with St Petersburg Chamber of Commerce and Leningrad Chamber of Commerce to formalise various methods of exchange of business and commerce information that would benefit the engineering community of both the countries.
''Russian economy is growing steadily and clocked an average annual growth rate of 6.7 per cent in 2008 for the eighth time in a row. Since 2003 - 04, increase in consumer demand and investments have played a significant role in this surge,'' Mr Shah said.
''Important reforms in tax and banking, labour and land code sectors to Russia have raised investors' confidence leading to a surge in FDI in Russia,'' he added.
''Post-USSR collapse, trade has reduced drastically,'' he said and added, ''Engineering and technical machinery export used to comprise 10 per cent of all total export by India.'' In 2003-04, India exported engineering items worth only 51.58 million USD to Russia, he added.
Mr Shah further noted that since 2001, INDEE event has given an immense boost to trade and business in countries like Venezuela, Sri Lanka, Australia, Egypt and the US.
The event is being participated by a total of 145 companies all from over the country, including Everready Industries India Ltd, A D Electro Steel Company Pvt Ltd, Simplex Engineering Company, L M Engineering Company, W T S International, Associated Toolings (I) Pvt Ltd, Nexigen Material Handling Systems Pvt Ltd.
The event is being organised in association with Petersburg Technical Fair(PTF) organised by Restec Exhibition Company.
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