March 18, 2002

'16'

RUDY CALLS FOR GREATER COOPERATION WITH LAC REGION

    Shri Rajiv Pratap Rudy, Minister of State for Commerce & Industry, has called for greater cooperation and enhanced bilateral trade relations with Latin American region. While inaugurating INDIAMEET 2002 (Indo-LAC Buyer-Seller Meet), organised by Engineering Export Promotion Council (EEPC), here today, Shri Rudy said that Latin America is one of the fastest growing region in the world today and India must take advantage of it by strengthening and widening the existing relationship with LAC. The Minister underlined the fact that Government of India has launched an integrated programme FOCUS-LAC in order to significantly enhance India’s trade with the Latin American region. Shri Rudy announced that he is leading a business delegation to Latin American region from 1-14 April, which is being organised by Federation of Indian Export Organisations (FIEO). Shri D. K. Mittal and Shri S. S. Kapoor, Joint Secretaries in the Ministry of Commerce & Industry, Shri J.S. Bhasin, Chairman, EEPC, were present on the occasion along with several foreign delegates and Indian representatives from trade and industry.

    Shri Rudy informed that India’s trade policy is aimed at making exports the engine of growth of the economy and export promotion has been a continuous and sustained effort. In this regard, he mentioned the recent initiative of a 15-point Medium Term Export Strategy for a five-year period from 2002-2007, which adopts a sector-specific and market-specific approach to make Indian products competitive in the international market. The Minister added that some of major Latin American countries have been identified as focus markets under this strategy. He termed the strategy as a paradigm shift from the past.

    The Minister emphasised that engineering industry provides the key to economic growth with its diversified forward and backward linkages with almost every sector of the national economy. He informed that in the year 2000-01 India has exported engineering goods worth US$ 230 million to Latin American region, which is 3.80% of global exports of engineering sector. The major items of export to Latin American region are bicycle parts, two and three wheelers, complete vehicles, stainless steel utensils, hand tools, primary iron and steel, auto parts, electric power equipment and parts etc.