India’s exports to ASEAN estimated at USD 46 billion in FY22: Anupriya Patel

INTERNATIONAL DESK: Union Minister of State for Commerce and Industry Anupriya Patel on Monday mentioned that India is predicted to export USD 46 billion to ASEAN within the monetary 12 months 2022.

Patel on this day inaugurated the “India-ASEAN Engineering Partnership Summit” organised by the Engineering Exports Promotion Council (EEPC) with assist from the Ministry of External Affairs and the Department of Commerce.

While addressing the inaugural session, Patel mentioned: “As one of the largest destinations for Indian exports, ASEAN will be an important region for India with an export target of USD 46 billion in meeting the global export target of USD 400 billion in the financial year 2021-22.”

“Both India and ASEAN have large share of skilled population, robust service and manufacturing sectors and there are many complementary sectors and products available for greater cooperation. With a combined economy of approx. USD 5.8 trillion, there is significant potential for enhancing trade and investment partnership between India and ASEAN.”

Patel additional mentioned that Prime Minister Narendra Modi has set a goal of USD 400 billion of merchandise exports for fiscal 2021-22 and likewise envisioned a roadmap to attain this milestone.

“As a part of the Atmanirbhar Bharat Abhiyaan, the Central government has recently approved the Production-Linked Incentive (PLI) Scheme worth USD 26 billion covering 13 sectors, including electronics, pharmaceuticals, solar modules, speciality steel, automobiles, and medical devices for attracting investment and enhancing India’s manufacturing capabilities,” she mentioned.

Supported by the Ministry of Commerce and Industry and Ministry of External Affairs, the four-day India-ASEAN Engineering Partnership Summit is predicted to see the participation of over 300 delegates from the Indian trade.

A large variety of delegates from ASEAN international locations may also be a part of the summit. The summit may also cowl B2B conferences and interactions. The thematic classes will cowl a variety of subjects together with nation classes, and rising areas of cooperation like Industry 4.0, integration of MSME within the regional worth chain.

The Government of Tamil Nadu joined the occasion as “Partner State” whereas the Government of Haryana because the “Focus State”.

This 12 months is particular for each companions because it marks the 25thanniversary of the India-ASEAN dialogue partnership and 10 years of the Strategic Partnership.

An E-Book on India-ASEAN commerce and funding emphasizing the engineering and MSME sector was additionally launched in the course of the inaugural session. The ebook covers a number of essential facets of enhancing bilateral commerce and funding and likewise offers exhaustive info on India and ten ASEAN nations. (ANI)