Industries Commissionerate, Government of Gujarat > E-mail: comind@gujarat.gov.in 65 ° I anisTeemtera} MW wawnoewen “The Five Pillars of Prosperity : Agriculture, Manufacture, Navigation, Information Technology, Commerce” > Ko ie la ma “ry a) Nm es ‘August 2022 PAGES 64 trillion Exports: These 6 sectors to help India become Export For Private Circulation PAGE: 4 Profile of Indonesia 2 Powerhouse by FY28 From the Desk of Industries Commissioner, Gujarat Enhancing the Business Ecosystem in Gujarat Exports from Gujarat have witnessed years positioning Gujarat as the highest exporting state in India exports from Gujarat in the first ayear-on-year growth of 48%. ‘To further promote exports, the state governments in the process of developing anew Export Strategy. Stakeholder consultations are being undertaken covering Under the District as Exports Hub (DEH) scheme of the central government, DGFT has shortlisted 5 districts of Gujarat (Ahmedabad, Kutch, Gandhinagar, ae tna ote ee a ert assessment of the stakeholder requirements in these districts to promote exports and a financial assistance of Rs. 40 crore will be provided to each ‘Additionally, the State Single Window System (SWS) has been integrated with domestic and foreign investors can apply directly through the NSWS for obtaining approval under fourlabourlaws. Under * ‘Insight ...... 23 this reform, applications of investors. + Country Profile 4 willbe deemedtobe approvedincase «Logistics cn approval is not accorded within stipulated time limits. The state will Trade Nows .. 067 + wro 8 Continue to undertake such reforms to further enhance the business ecosystem for businesses. one Vol. 18 + No.8 PAGE 6-17 mst Editor's Note North-South Transportation Corridor Starts Commercial Traffic The trade volume between India and Russia has increased in the last three ‘months, facilitated by the Intemational North-South Corridor (NSTC). Iran Shipping Lines has transported over 3,000 tonnes of goods and 14 containers between May and July 2022. The Indian govemment has also been pushing to include the INSTC with the Chabahar Port. The government considers it a way to connect with Russia and Europe. NSTC connects the Indian Ocean to the Caspian Sea via the Persian Gulf. It reduces the ‘transport time between Russia and india to 25 days from around 40 days earlier. Uzbekistan and Turkmenistan are also simplifying procedures to enable trade to take place vis Chabahar. This will help Indian exporters, who had been at a logistical disadvantage to take lead in opening trade with Central Asia. India's exports to Central Asia amount to about USS678 milion but there are huge prospects for growth. India mostly exports pharmaceuticals, machinery, coffee, tea, and spices. Moreover, India could diversify its sourcing networks for energy and minerals if it had better access to the region. Most recently, on July 28, India and Uzbekistan agreed to. pilot container cargo shipment from Tashkent to India through a hybrid land- sea route via the Chabahar Port —to be executed in the following 15-20 days. ‘Supporting international Trade through Education, Training and Research. ‘August 2022 Vol. 18+No, 81INSIGHT $1 Trillion Exports: These 6 sectors to help India become Export Powerhouse by FY28 India's. manufacturing exports reached an unprecedented $418 billion in FY 2021-22, an overall on- year growth of more than 40% Compared to the $290 billion from the previous year. The sharp rise in exports last year has been on the back ofa significant increase in share of manufacturing in the country’s exports. India's export growth has been propelled by six megatrends that got fast-tracked during the pandemic (2020, 2021), driving overall export attractiveness for multiple sectors in India. Going forward, chemicals, pharmaceuticals, electronics, automotive, industrial machinery, and textiles (among others) are expected to propel India’s manufacturing exports to $1 trillion by FY28, according to Bain & Company. India's exports have seen tremendous growth over the last two years, with ‘a Compound Annual Growth Rate (CAGR) of 15%, rebounding trom 5-10% in the pre-pandemic years. Six megatrends got fast-tracked during last two years, giving India a tremendous opportunity to propel its export growth in the short term, ‘Supply Chain Diversification: The post-pandemic diversification of the global supply chain had a positive Impact on the growth of India’s exports. While big Asian economies. like Japan began looking towards India as an alternative to China for sourcing their requirements, American ‘companies considered India among the top four destinations forrelocation of operations. Moreover, in 2021, COZ emissions in China were 6% (almost 500 mettic tons) above 2019 levels— while India’s emissions were 1.4% (30, metric tons) above 2019 levels, helping companies shift to India to comply with their environmental, safety, and health standards, Sectoral Advantages: Key manufacturing sectors (see Figure 3}-like chemicals, pharmaceuticals, automotive, electronics, industrial machinery, and textiles—have shown tremendous growth over the past few years, In these sectors, India possesses inherent strengths that have come to the fore. In chemicals, Indian manufacturers are consistently supply cain | «Geta mon se an eesion Sector sa ota sévantagee | Pramas Cha Sorerment | pas etare oon 1 poy neon ctl iow nent org bane caperies | + cow aenencansen tens rom {pep at eo apr er tn mt he Aergers and |= ore oem arena prt scquettons | £9201 so maege sesh corua va S10 on mat PeNvC-ed | + Digna an tchelogy ied ston manufac 2+ Vol. 18+No. 8+ August 2022 building on India’s cost advantage and strong supplier base, as compared to other manufacturing hubs, as well as strengths in Research and Development (R&D) capabilities. In pharmaceuticals, India's manufacturing cost is about 30%— 35% lower than that of the US and Europe. In the automotive sector, several global companies are looking al export-oriented production in India because of the cost advantage over the US and Europe and strong manufacturing capabilties. Between April and June FY22, Indian car makers exported 1,27,115 vehicles, more than double the 43,619 units exported in the same quarter in FY21 In electronics, manufacturers like Samsung, Wistron, and Foxconn are shifting production to India because of strong manufacturing and R&D capabiliies, a growing supplier base, and strong policy support. n industrial machinery, India is becoming a destination for exports thanks to low manufacturing costs and strong capabilities in technology. n textiles, India has the cost advantage because of the availability of cheap raw materials and lower wages. Government-led Initiatives: The Indian government's continual efforts provided the thrust on capex, fresh investments, and ease of doing business. While the PLI outlay of $47.8 blion planned over five years, starting in 2021 (see Figure), has increased in-country production and helped manufacturing-led exports, the Foreign Direct Investment (FDI) policy initiatives aimed at decreasing the FD! restrictive index have augmented the capital infiow; this is visible from the fact that FDI investments increased by about 65% between 2015 and 2020. Key Free-Trade Agreements (FTAs), including India-UAE Contd. on next pageINSIGHT he Contd. from PREVIOUS page 1 Comprehensive Partnership ‘Agreement (CEPA) and India-Australia Economic Cooperation and Trade ‘Agreement (IndAus ECTA), have been signed with a vision to boost bilateral trade, creating an environment for ‘export growth. Leading the charge in manufacturing- led exports, India's chemicals industry is poised for exponential growth in the years to come. Exports of chemicals are estimated to grow at CAGR 19%— 23% ($110-$130 billion by FY28), mainly because of the low cost of manufacturing and rising investments. Key causes of growth in chemical sectors are Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR) and PLI schemes in India that are leading to a surge in investments; the emerging popularity of the Contract Research and Manufacturing Services (CRAMS)/ Contract Development & Manufacturing Organisations (COMO) model of operations globally; and the rising cost competitiveness of India, Within chemicals, specialty chemical and agrochemical exports are expected to be the key growth segments. This includes agrochemicals, dyes and pigments, flavours and fragrances, and construction chemicals. Specifically, in specialty chemicals, India's high- quality product output by virtue ofits strong R&D capability is further enhancing its reputation in the international market. Key molecules ‘coming off patent in the next five years ‘are going to spur exports further, with India being a favourable destination for CRAMS and CDMO players. ‘The pharmaceutical industry is another sector with outstanding export prospects. India’s drugs and pharmaceutical exports are expected to. grow ata CAGR of 16%~18% ($45 billion-$50 billion) by FY28. India has traditionally been very strong in the pharma sector, with a low cost of ‘manufacturing (30%-35% lower than in the US and Europe), cost-efficient R&D (about 87% less than in developed markets), and cheap skilled labour. Industrial machinery exports are expected to grow at a CAGR of 18% 20% ($70 billion-$75 billion) by FY28 because of the rising demand from developing markets, strong capabilities of the Indian industrial sector, the low cost of manufacturing government-led PLIs, 100% FDI, and higher M&A activities. Industrial machinery production in India is also getting a significant cost advantage globally because of the low cost of major raw material, such as steel. Indian steel is becoming globally competitive, with availability of cheap raw material (iron ore), new and innovative techniques, and alow cost of manufacturing, with strong capabilities in technology for high-end machinery. The electronics sector, estimated to grow at a CAGR of 35% 40% to $120 billion-$145 bilion by FY28, is one of most attractive sectors for manufacturing-ted exports. India offers an advantage of strong manufacturing technology and R&D capabilities in the semiconductor industry focused on chip design and end-to-end supply chain improvement. Atraditional powerhouse, automotive exports are expected to grow at a CAGR of 15%~18% ($45 billion-$55 billion) by FY28, including Electric Vehicles (EVs), primarily because of low-cost manufacturing and a large Tier 2 and Tier 3 supplier base ensuring the availabiliy of automotive components. Recent factors like government-led support through incentive schemes like the PLI and sharp uptick in FDI will increase capital inflow. The narrowing China- India cost differential and increasing penetration of india original equipment manufacturers in key markets like Latin America and Africa will make India an export hub of automotive components. The government's concerted efforts to create a conducive environment for adoption of EVs and the initiative to provide incentives, such as a $3.5 billion outlay to encourage production and export of clean technology vehicles and their components, will further drive expansion of the EV market, not only domestically, but also for exports. India's textile and apparel exports are also expected to grow al a CAGR of 13%-16% to $96 billion-$110 ilion by FY28. This growth willbe powered by the presence of the complete value chain, from raw materials to finished goods; the competitive cost of manufacturing; preferential market access; supportive government policies like the PLI scheme outlay of $1.42 billion; and export incentivisation from 2% to 4% for the two subsectors of ready-made garments and made-ups. Inthe textile sector, man-made fibre and technical textiles are ikely to offer immense growth opportunities in global trade. India currently enjoys preferential market access to 43 countries under 15 trade agreements. While the US ban on textiles from Xinjiang, which produces more than 85% of China's textile output, is an Contd. on page 8 August 2022 Vol. 18+No. 8-3COUNTRY PROFILE a Profile of Indonesia One of the largest and most dynamic ‘economies in the Asia Pacific region, with the fourth highest population in the world, Indonesia is characterised by its large and diverse domestic market, rich natural resources and its strategic location on global shipping lanes, which offer good business and investment opportunities. The current population of indonesia is 275.5 milion, which is the largest in South East Asia and ranked no.4 in the world. The middle class population has grown from 7 per cent to 20 per ccent of the population, with 52 million Indonesians currently belonging to the group, It has a large consumer class and is also the largest halal market in the world. Its economy to grow by 5.2% in 2023 and is poised to become 4th largest ‘economy in the world by 2030. Many Indian products can enter Indonesia with preferential import tariff under ASEAN-india Free Trade Agreement. For example, ceramic products can enter with nil import duty. India Indonesia trade poised to increase by 2.5 time in next six years. Indonesia's, main areas of production are textiles and garments, electronics, automotive, footwear, food and beverages, and chemicals. All these 4 Vol. 18+No, 8 August 2022 sector provide opportunities to export intermediate goods for these industries. India's exports to Indonesia worth about $8-9 bn. Is poised to increase 2.5 times in next six years. In spite of Indonesia signing RCEP Agreement, there is much scope to increase exports. Gujarat exporters should understand. details of preferential taritf offered by Indonesia on Indian exports to leverage provisions of India-ASEAN FTA. For example, ceramic tiles exports have gone up from negligible in 2017 to over $60 million in 2021. Indonesian economy is well integrated with ASEAN countries and offer large scope for investment in the country for accessing 550 million Asean population. Indonesia is India’s second largest trading partner in ASEAN and bilateral trade stands at 20 billion dollars. India exports refined petroleum Products, commercial vehicles, telecommunication equipment, agriculture commodities, bovine meat, steel products and plastics to Indonesia. The overall investment scenario in Indonesia is encouraging. It is an attractive destination for Indian investment in the region. There are about 30 Indian investments / Joint Ventures in Indonesia. As per Indonesian authorities, Indian investment in Indonesia is USD 1140.88 million in 4343 projects during 2000-2021 (til Sep.). But as most investments come through Singapore and other gateways, the quantum of investment could be much more. Indian companies have made significant investments in infrastructure, power, textiles, steel, automotive, mining, banking and consumer goods sectors. USINESS HANDBOOKS + INDIAN PHARMA WITH GLOBAL FOOTPRINTS 2030 — EXPORT AND INVESTMENT OPPORTUNITIES + GLOBAL MARKETS FOR PLASTICS ~ 2022. + EXPORT OPPORTUNITIES IN GULF COOPERATION COUNCIL - 2022 + EXPORT AND INVESTMENT OPPORTUNITIES IN. EAST AFRICAN COMMUNITY (EAC) - 2022 + EXPORT AND INVESTMENT OPPORTUNITIES IN. ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS) - 2022 + GLOBAL MARKET FOR FROZEN AND DEHYDRATED FOODS-2022 + EXPORT OPPORTUNITIES IN USA - 2022LOGISTICS mIRISL moves 3k Tonnes of Cargo, 114 TEUs along INSTC in 2 months: The Islamic Republic of Iran Shipping Lines (IRISL) has transported 3,000 tonnes of goods as well as 114 TEUs of container ‘commodities along the Intemational North-South Transport Corridor (INSTC) over the past two Iranian calendar months (May 22-July 22), According to IRNA report, IRISL formed an operational working group for the development of transportation along INSTC in early April and the ‘company has so far allocated 300 vessels to the transportation of goods through this corridor. Currently, most of the commodities that are transported through Iran along the INSTC are shipments from Russia for india. mTrade gets a boost as cargo trucks between India, BD now take just three days to cross: Earlierit used to take more than one month for a truck to cross from Petrapole Port in West Bengal to Benapole Port in Bangladesh. But now this time frame has been reduced to 3 days. The change has, come after the West Bengal ‘Goverment took away charge ofthe parking lot from Bangaon Municipality and handed it over to the Department of Transport recently. Earlier a cargo truck remained stuck for up to 39 days in the parking lot after entering Petrapole Port in India due to a syndicate. Earlier, there used to be around 9,000 cargo trucks in line, waiting to enter Petrapole Port from the Kalitala parking lot. Now, it has come down to 1,587, according to several cargo truck rivers mIndia, Uzbekistan agrees for Pilot trade shipment from Tashkent to India through Chabahar Port: India and Uzbekistan have agreed to do a pilot container cargo shipment from Tashkent to India, using a hybrid land-sea route via Iran’s Chabahar Port. Both India & Uzbekistan agreed that this new vista may unlock future possibilities of a Trans Caspian Multi Modal Transit Corridor between the Central Asia and South Asia regions. The shipment is expected to be executed in the next 15-20 days, an official in the know of the matter said. This will not only open up new opportunities of trade but also strengthen the trade viability between the Central Asian and South Asian markets. The route, which hinges on Iran's Chabahar Portas a key pillar, is India's bid for faster and smoother trade with Russia, Europe, Central Asian economies. GUJARAT EXPORT SECTORS m PVC pipes, fittings & roofing: The global PolyVinyl Chloride (PVC) pipes market size was valued at USD 6.77 billion in 2021 and it is expected to hit USD 9.95 billion by 2030 with a registered CAGR of 4.4% from 2022 to 2030. PolyViny! Chloride (PVC) pipes are of ow cost and corrosion resistant. The PolyVinyl Chloride (PVC) pipes are used for various purposes such as water suppiy tigation, and drainage system. (One of the key factors driving the growth of the global PolyVinyl Chloride (PVC) pipes market is growing investments in research and development activities. These investments are made by either government agencies or market players. In addition, the growth of the global PolyVinyl Chloride (PVC) pipes marketis being driven by the surge in demand for PolyVinyl Chloride (PVC) pipes in various industries and sectors, The polyvinyl chloride (PVC) pipes provide various benefits that are the reason; the demand for them is growing at a faster rate. Another factor driving the growth of the global PolyVinyl Chloride (PVC) pipes market is the technological advancements and adoption of innovative technologies. The molecular orientation technology is. used for the manufacturing of PolyVinyl Chloride (PVC) pipes in the global market. These kinds of pipes are eco-friendly in nature. In addition, it is cost effective and cfficientin nature, On the other hand, the alternatives for PolyVinyl Chloride (PVC) pipes are hindering the growth of the PolyVinyl Chloride (PVC) pipes market. The industries such as agriculture and building and construction are developing at a rapid pace all around the world. The polyvinyl chloride (PVC) pipes are widely used in these industries. In agriculture, the PolyVinyl Chloride (PVC) pipes are used for irigation purpose. In addition, the polyvinyl chloride (PVC) pipes are used for roofing and flooring purpose in building and construction purpose. In 2021, the global PVC Roofing market size was USD 1429 Million and it is expected to reach USD 1957.7 Million by the end of 2028, with a Growing 4.6 CAGR during 2021-2028, Gujarat processors should concentrate on Sub-Sahara Aftica market which will undergo vast changes & growth after the establishment of continent-wide African Common Market where internal borders will vanish in a few years’ time. There is considerable scope for investment in local manufacturing to supply regional markets. August 2022 Vol. 18 +No. 8-5:TRADE NEWS (a ulndia’s Merchandise & Services Exports jump 11.51% YoY in July: India’s overall exports — merchandise and services combined — are estimated to have grown 11.51 per cent year-on-year in July 2022, at around $61.18 billion, the Ministry of Commerce and Industry said in a press release on August 12. For the same period, the overall imports are estimated to be $82.22 billion, up 42.90% over the same period last year. India’s merchandise exports rose by 2.14 percent year- on-year to $36.27 billion in July 2022 as compared to $35.51 billion in the corresponding month of the last year, on account of healthy performance by sectors like tobacco, electronic goods, coffee, rice, cereal, and miscellaneous processed items and oll seeds. The estimated value of services export for the month stood at $24.91 billion, up by 28.69 per cent from $19.36 billion in July 2024 MoS Commerce highlight steps taken for increasing exports through -Commerce Government has implemented several legislative and policy measures for e-commerce keeping in mind the retailers. Some of these measures are FDI Policy; Foreign Exchange Management Act, 1999; Consumer Protection (E-Commerce) Rules, 2020; Consumer Protection Act, 2019; Competition Act, 2002; Central Goods and Services Tax (CGST) ‘Act, 2017; Information Technology Act, 2000; Payment and Settlement Systems Act, 2007; Companies Act, 2013; Copyright Act, 1957 etc. mlndian traders jump the gun with sugar export deals: Indian 6+ Vol.18+No. 8+ August 2022 traders have signed deals to export 300,000 tonnes of raw sugar in the coming season as advantageous market conditions counter the risk of agreeing contracts before India announces its 2022/23 export policy, trade sources said. The govemment imposed restrictions on overseas sugar sales for the first time in six years when it capped exports al 11.2 million tonnes 2021/22 marketing year ending Sept. 30 to prevent a surge in domestic prices after mills sold record volumes on the global market. India has yet to finalise export policy for the coming season, but traders are hopeful that exports will be allowed because the county is expected to produce more than 36 milion tonnes of sugar during the season while domestic consumption is projected at 27.5 milion tonnes. Merchandise exports likely to be around $470-480 bn in FY23: Commerce Secy: India’s merchandise exports are likely to be around $470-480 bilion in the current fiscal against $420 billion in 2021-22, Commerce Secretary BVR Subrahmanyam has said and the services sector is likely to contribute another 280 billion mGovt may set FY23 exports target at a record $750 bn: The preliminary estimate, firmed up by the commerce department, is being vetted by commerce and industry minister Piyush Goyal, who has conducted a series of meetings with various export promotion councils and other stakeholders to set the goal for FY23. The FY23 target for goods exports may be fixed at $470 billion, up over 11% from a year before. India may target goods and services exports of about $750 billion for FY23, up 11% from a record $676 billion in the last fiscal year, despite mounting concems ‘about a recession in key markets, such as the US and the EU, sources told FE. mSlowdown in exports to top markets stokes concerns: Supplies to US, EU hit by recession fears, sharp plunge in shipments to China. Exports to China crashed 31% in the June quarter, almost at the same pace as in June, to $4.7 billion. India’s overall goods exports rose 27% in the June quarter to $121 billion, India’s exports to the US and the EU, its top two markets, climbed at a slower pace in June than in ‘earlier months, while despatches to China, the fourth-largest destination, plunged 31% in June from a year before, according to the latest official data. The decline in growth only accentuated in July, trade sources told FE. With fears of recession mounting in the US and the EU, and order flow from China faltering amid a Covid outbreak there, the slowdown in supplies to these economies may continue for a few months, the sources said. mLooking at duty-free access for ODOP products in FTAs: Piyush Goyal: Commerce and industry minister Piyush Goyal on Monday said that India is looking at getting duty-free access for different products identified under the government's One District One Product (ODOP) initiative to promote exports of gold jewellery, toys, handicrafts and handlooms, and other items. Currently, India is negotiating trade agreements with Contd. on next pageTRADE NEWS fe Contd. from PREVIOUS page the United Kingdom, Canada and the European Union. Exports from job-intensive sectors slow down steadily: ‘Amid mounting concems about an ‘economic slowdown in India’s top export markets, the country has another reason to worry about. Growth of exports from key labour- intensive sectors has been decelerating at a faster pace than that of overall goods despatches, Exports from the job-sensitive seclors rose 15.7% on year in the June quarter to $37.6 billion, ‘compared with a 26.8% jump in the overall merchandise exports to $121.2 billion. Consequently, the share of such sectors in merchandise exports dropped to just 31.1% in the first quarter this fiscal from 34.1% a year before, Despite an export resurgence in FY22, the share of such sectors in total outbound shipment of goods shrank to 33.3% from 36.2% in Fy24 GUJARAT TRADE NEWS mGujarat to benefit as Russian exports of diamonds are rising again: Most of the Russian stones are heading to manufacturers in India — the biggest among a handful of industry hubs, where hundreds of mostly family-owned businesses cut and polish rough stones into the finished products, ready to be used in earrings etc, The panic that gripped the diamond world this year is starting to unwind ‘as sanctioned Russian mining giant Alrosa PJSC has quietly revived exports to near pre-war levels. Alrosa accounts for about a third ‘of global rough-diamond supply, and the $80-billion industry was thrown into turmoil as cutters, polishers and traders hunted for ways to keep buying from Russia while their banks couldn't or wouldn't finance payments. The sudden shortage of stones sent diamond prices surging, especially for the smaller and cheaper gems that Alrosa specialises in. mOMA CGM India adds its First Export Block train service from ICD Thar to Mundra: The CMA CGM Group, a global player in sea, land, air and logistics solutions, launched its first dedicated export block train services from ICD Thar (Wodhpur) to Mundra on 20th July 2022. The first fully loaded 90-TEU train ofthis service was flagged off from ICD Thar by CMA CGM India and Hasti Petro Chemical & Shipping (HPCSL) team, on 20th July 2022.With the addition of this new service, CMA CGM India now offers a weekly capacity of 1,620 ‘TEUs via its 1 weekly block trains (Import — Export combined). Coens FORTHCOMING PROGRAMMES trary Le lye] co Tas ‘On Campus ‘October 1 10:00 am to 5:00 pm Export: Do It Yourself Programme for Beginners ‘October 8 10:00 am to 1:00 pm Why Export? What are the opportunites in Export) ‘October 8 5:00 to 8:00 pm Key Areas to be Taken Care to Execute Your Export Consignment ‘October 8 5:00 to 7:00 pm Open Forum: Role of Exports in Atmanirbhar Bharat (at Bhavnagar) ‘October § 10:00 am to 400 pm Export Strategy: Market Selection and Finding Foreign Buyers (at Bhavnagar) ‘Odober 13 10:00 am to 1:00 pm Export Opportunities in ‘Australia & New Zealand ‘Odober 14 10:00 am to 1:00 pm Alia After Affican Continental Free Trade Agreement: Your New Business Future ‘Odiaber 14 2:00 to 5:00 pm Cost Efective Ways of Exploring Global Trade Data, Analysis & Business Opportunities (Practical Session) ‘Odaber 14 ‘0 7:00 pm Open Forum: Role of Exports in Atmanirbhar Bharat (at Rajkot) October 15 10:00 am to 4:00 pm Export Strategy: Market Selection and Finding Foreign Buyers (at Rajkot) ‘October 20 2:00 to 5:00 pm Digital Media Marketing Strategies for Indian Exporters ‘October 21 10:00 am to 5:00 pm Procedure to be Followed for Execution ‘of your Export Consignments October 21 10:00 am to 1:00 pm Expand Your Business Globally Online ‘Odtaber 7 & & 2:00 to 5:00 pm Eee) International Marketing at bo August 2022 Vol. 18+No. 8-7WTO e technology, diversification of global__the UK increased to $31.34 billion e supply chains and ease of doing in 2022 from $19.51 billion in business, a Grant Thomton-Cll's 2015. The UK also remained the um Bangladesh PM Sheikh Hasina Britain Meets India (BMI) Report sixth-largest investor in India, with gives green signal for CEPA 2022 said on Thursday. The future a cumulative investment of $31.92 with India: Bangladesh Prime of the India-UK economic billion in 2000-22. This constituted Minister Sheikh Hasina has given _relationship hinges on the quick around §.4 per cent of the total the green signal to begin formal _ implementation of the free trade Foreign Direct Investment (FDI) negotiations for Signing a agreement that both nations are into India, the report pointed out. Comprehensive Economic _ negotiating at the moment. India’s Partnership Agreement(CEPA) with trade in goods and services with India in what can also boost trade and investments in eastern and north-eastern India in a big way. opportunity for India, the EU has also granted India with generalised system- This will be Dhaka's frst trade pact —_of-preference status, under which garment exports to the EU attract 20% less with any country, and it has given duty than the most-favoured-nation rate. preference to India despite requests from China and Japan to Contd. from page 3 ‘According to the report, India is on the cusp of structural shifts, especially in have ftoo‘rade agreements: Inthe.‘ Mantfacturing sector. Despite having the sixthlargest economy in the word, last fiscal year, Bangladesh's contributing to 3.1% of the GDP, India’s export contribution to global trade is exports to India rose to nearly $2 stilonly 1.6%, However, thats going to change, buoyed by the government's bilin for the first time. Imports TObust policy thrust, initiatives like Production-Linked Incentives (PLIs) to from India totalled $14 billion, _eNcourage local manufacturing, and fresh investments that are pouring into the Officials from Dhaka said country’s core industrial sectors. Bangladesh already enjoyed duty- Manufacturing is emerging as an integral pillar in India’s economic growth, free and quota-free benefts forthe thanks to the performance of key sectors like automotive, engineering, exports of all but 25 products, chemicals, pharmaceuticals, and consumer durables. The Bain & Company including tobacco and alcohol, to jenort stated that propelled by favourable megatrends in manufacturing, India India, as a least developed county is expected to scale up its manufacturing exports to $1 trilion by FY28, and under the South Asian Free Trade much of this growth will come from Chemical, Pharma, Industrial Machinery, ‘Area agreement Electrical & electronics, Automotive, and Textile & apparel sectors. uIndo-Thai Bilateral Trade touched $15 billion in FY'22: Rese es He EEE EEasee es = a The bilateral trade between India and Thailand reached an all-time high of around USD 15 billion in 2021-22 as the domestic market remains attractive for Thai investors. The economic cooperation between the two countries in trade, investment and tourism have continued to flourish during recent years. Thailand is the owaonaie, riery seaman: agent a fourth largest trading destination for exe unytcomen et. rm CL eet a ae India in the ASEAN region. 1m India-UK trade likely to double Sectors that will drive manufacturing export growth, enabling India to achieve by 2030: Grant Thornton-cil__ $1! in exports by FY28. Report: Trade between India and “To capitalise on this opportunity, Indian companies should focus on having a the UK is expected to double by clear export strategy, the right execution chops, the right partnerships for 2030 driven by the proposed free _ enabling exports, and an optimal Capital Expenditure (CAPEX) efficiency focus trade pact, investment in _ ‘0 build manufacturing capacity," the global consultancy firm said Pablted by GoCANA Cet freon Wade, ANMEDABAD MANAGEMENT ASSOCATON,ColeAMA Manage ase, erent AUN aragerent Cen. ATTA Campus, Dr Vim Sarbha Mar, Ahead 50015 Phone: OT 25208603 8-Vol.18+No. 8+ August 2022 Mable 250555 "Ena anasanaa.y Webi naman.