Andhra Chamber of Commerce predicts ASEAN-India trade likely to touch USD 100bns by the year 2020
- To make India a 5 Trillion economy, business with Afro Asean countries is going to play a major role : Dr VL Indira Dutt, President, Andhra Chamber of Commerce.
Chennai, 26thAugust, 2019-The Government of India presently
working on a comprehensive strategy to boost India-African bilateral trade
which is standing at US dollar 63bns. in financial year 2018 as against US
dollar 52bn.,in financial year 2017.
Almost all the African countries barring one have entered in to Free
Trade Agreement. This is a very
significant move from India’s point of view for a marketing reach. As per study
by the World Bank, most African countries are expected to reach middle income
levels by 2025 if current growth rate continue.
In a bid to
transform trade and business sectors in India and to discover and nurture its growth, Andhra Chamber
of Commerce announced “BUSINESS MEET ON
AFRO ASEAN TRADE” that aims to focus on creating a platform for discussion
and dialogue in promoting trade and business between India and select African
and ASEAN countries .
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(L to R) R.Vijayalakshmi Secretary
General; Dr.V.L.Indira Dutt, President, Andhra
Chamber of Commerce,Chennai; and Mr.C.Nagendra Prasad. Vice President, Andhra
Chamber of Commerce, Chennai
|
The key objective
of the business is to provide import and export trade between the countries in creating
fair opportunities among them and to familiarize the procedural aspects in the
bilateral trade. The meet will form and connect product based common interest group
(CIG) that comprise, the members of the chamber and other participants and
representatives from the participating countries.
“Trade and investment go hand in hand, we have to convert business into
opportunities and our focus on this business meet is to create those
opportunities in promoting bilateral trade business between the countries.
Similarly bilateral trade between ASEAN and India has crossed USD 80bns.which
not only shows growing confidence but also constitutes the highest volume of
trade in goods that ASEAN and India have witnessed since 2010.If this growth
continues, ASEAN-India trade is likely to touch USD100bns., by the year 2020” says
Dr.V.L.Indira Dutt, President Andhra
Chamber of Commerce .
Myanmar, one of
the important members of ASEAN, is considered as gateway to our Eastern neighbors.
Indian Pharmaceutical industry is present significantly there. While Myanmar imports finished goods and IT
in services it offers agricultural produce and other raw materials. The major
sectors for India’s exports include
electronic goods, vegetables, rice, sugar,
textile , dairy to countries like
Malaysia, Ghana , and Myanmar. Automobile exports is prevalent in Kenya. Some
of the imports from African countries include, coffee beans, tea, metal scraps,
wood, semi precious stones , cotton and beans.
“It is extremely
heartening to see that both India and several African countries maintain high
economic growth rates over the recent past and today even as the global economy
is faced with several debilitating trends. The two regions are seen as the
bright spots in the global map of development. There is also dialogue between
the governments addressing issues such as logistics, smoothing trade barriers
etc., “ she adds.
About Andhra Chamber of Commerce:
Andhra Chamber of
Commerce a pioneer in providing the promotion and protection for Trade and
industry business in India since 1928 in Chennai. The Chamber has opened
branches in Secunderabad, Visakhapatnam, Vijayawada and Nellore (all in State
of Andhra Pradesh).Currently, the chamber has around 1500 members with 35
industry/trade associations being affiliated to it. While looking back with
pardonable pride its significant record of service in these 87years the chamber
quite realizes that in the present changing scenario it has many more tasks to fulfill,
the chamber hopes to serve in the future, as in the past as vital link between
Andhra Pradesh, Telengana and Tamil Nadu and to promote the Commercial and
Industrial interests and well being of the country. 💥💥
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