Czech aims 1 billion USD trade with India

Hyderabad, Sep 18 (UNI) Czech Republic is keen on expanding the two-way trade with India to one billion US Dollars, Commercial Counsellor in Embassy of Czech Republic Richard David said today.

Since Czech Republic switched over to payment in freely convertible currencies in 1993, trade volumes had significantly improved to 645 million US Dollars last year after a low 66.7 million USD in 1991 and a steady 130.20 million as late as 1999, he told a meeting of captains of trade and industry organised by the Confederation of Indian Industry.

A trade volume of 443 million USD had been achieved so far this year and the target was easily achievable, he expressed confidence.

Unveiling Czech's strategy to boost bilateral trade and economic cooperation, he said his country was keen on encouraging investments and joint ventures, including with other countries as a cooperation mechanism, with ''young'' India.

Skoda Power was keen on starting a one billion USD turbine manufacturing unit in Hyderabad shortly, he revealed, adding that the Central European country registered a 6.1 per cent Gross Domestic Product growth last year.

Projecting Czech Republic as a major FDI destination, Czechinvest Business Properties and Infrastructure Division Director Michal Korycanek said the Czech Government proposed to privatise the Prague International airport, which catered to 10 million passengers per year, in the next two years.

CzechInvest, the Investment and Business Development Agency, was to advise and support existing and new entrepreneurs and foreign investors in the Czech Republic, its Director Alexandra Rudysarova said.

UNI