Nagpur News: EEPC INDIA & Vidarbha Industries Association organized a seminar on doing business with CIS region comprising for Russia, Khakhstan, Uzbekistan, Belarus, Georgia Ukrain, Moldova, Georgia, Armenia, Azerbaijan, Turkmenistan, Tajikistan, and Kyrgyzstan.
Rajat Srivastava Regional Director EEPC INDIA said that “The CIS region is a USD 12.4 billion market and Indian companies must look at it seriously According to forecasts by IMF for 2012-2016, GDP growth in purchasing power parity terms will be the highest in the CIS region. He further added that India and CIS countries have historically shared warm and cordial relations for over six decades, resulted in healthy trade and economic relations between both the countries.
He said, the total share of CIS region in India’s total trade for the year 2012-13 stood 1.57% which needs to be crossed over 2 % for the year ended 2013-14 while the India’s trade in Engineering goods with CIS countries was 1.28 US$ billion for the year ended 2012-13. The exports to leading countries of CIS region showing a tremendous growth and the future prospects of both the countries shall be having a positive scope. India-CIS bilateral trade has been negative balance of trade, with Russia and Ukraine constituting the major share of trade, India and the CIS countries have started looking at each other as partners for their growth. CIS countries are rich in natural resources like petroleum, oil, natural gas, metals and minerals, a useful source of raw material of considerable importance to the Manufacturing industry in India.
Rajat added that Nagpur being one of the fastest growing industrial belt in Western Region and with active participation of Vidarbha Industries Association. EEPC INDIA has been conducting a series of studies on various regions of CIS to gauge their resources and provide guidance to its members and Indian industry for a mutually beneficial relation with these regions. With the support of Ministry of External Affairs and Ministry of Commerce & Industry, EEPC INDIA has been able to undertake a string of programme for creating better understating among business fraternities.
In addition, Sandeep Saini, Assistant Manager, ECGC, Nagpur also guided participants about special features of ECGC. The Special Features of ECGC includes On-line declaration submission – 5% discount, Quarterly statement of shipments, Report of defaults – 60 days from due date, Waiting period is reduced to Two months, One Year Policy, Automatic cover, on all buyer(s)/bank(s) for 208 Open Cover Countries. Similarly, Chintan Bhuptani, Sr. Analyst & Vivian Pinto, Analyst, INDIA FOREX guided participants on Forex exchange and gave information to all participant Companies for upcoming volatility and impact of Global factors effecting Indian Rupee in foreign exchange.
The programme was attended by large number of people including businessman, exporters & importers, young entrepreneurs’, representative of Companies and VIA members.
At the outset, opening remark and welcome address was given by Rohit Agrawal, Hon. Secretary-VIA, in the opening remark Rohit, Hon. urged members of EEPC INDIA as well as members VIA to largely participate in the forthcoming exhibition in Mumbai known as India Engineering Sourcing Show (IESS), scheduled to be held from 22nd-24thJanuary, 2014 at Mumbai. EEPC INDIA is inviting over 1000 overseas buyers of engineering product and services, 8000 visitors to meet around 500 Indian and Overseas exhibitors. Moreover, leading countries from CIS region namely Russia, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Moldova etc are participating in the forthcoming IESS-2104 at Mumbai for procuring Engineering goods & services from India. Rohit Agrawal also requested VIA members to take advantage of the concessionary offer, offered by EEPC to VIA for exhibiting product & for participating in the forthcoming IESS-2104 at Mumbai. For this VIA members can contact VIA Secretariat. Summing up and vote of thanks was given by Arjun Khandelwal, VIA Member