EEPC signs MOU with German Engineering Federation to double exports

Kolkata, Oct 4 (UNI) Engineering Export Promotion Council (EEPC) has signed a Memorandum of Understanding (MOU) with the German Engineering Fedaration last week to double the export of Indian engineering goods and services by next year from the present 658 million dollars per annum.

Annoucing this during an interactive session here today with Mr Oliver Wack, Head of South East Asia Foreign Trade Division of the German Engineering Federation, EEPC regional Chairman R P Sehgal said though Germany presently was the fifth largest trading partner of India, attempts were being made to bring it within the top three position at least in terms of trading engineering goods within the next 18 months.

He said till August this year export of Indian merchandise recorded an astounding 40 per cent growth over the corresponding period of last year to a record 126 billion dollars. Of this the share of Indian engineering item was more than 65 per cent, Mr Sehgal claimed and exude confidence of maintaining similar trends in the coming years too with favourable economic condition remaining in the country.

Later giving an overview of the present Indo-German trade and its growth potential, Mr Wack described India as one of the fastest growing economies of the world and said as a result it had now been recognised as a significant player in the global economy.

Several positive indications like over 8.5 per cent growth in GDP, coupled with rising foreign exchange reserve of more than 163 billion dollars and inflow of Foreign Direct Investment(FDI)to the tune of more than 5.5 billion dollars per annum had made India the most attractive destination for investment, Mr Wack said adding that these had resulted in more than 30 per cent surge in exports from the country setting a new benchmark.

About the significance of the signing of MOU between the EEPC and the German Engineering Federation, Mr Wack said it was aimed at taking the bileteral trade between the two engineering giants to a new height from the present around 651 million dollars to over 1.2 billion dollars by next year.

Referring to the overwhelming participation of more than 340 Indian companies in the recently held Hannovar Messe(fair),Mr Wack informed that at least three state governments, including West Bengal and Orissa, had also set up huge stalls in the ten day fair to inform foreign investors about the huge business opportunity and the scope for setting up joint venture units in their respective states.

Visit of a number of top class business delegations from both the countries would be arranged in the coming months as part of MOU, Mr Wack said.

UNI ABA TJP RN1653