TRADEWINDS
 |
SRILANKA
Sri Lanka changes import duty system for tyres |
Effective 15th May 2007, Sri Lankan importers of tyres are required to pay a tyre weight based duty of Rs. 80 per kg or 28 per cent of the invoiced value, whichever is higher. Previously, the duty was computed only at 28 per cent of value. The change in the method of computing duty came, an industry source said, after Sri Lankan government officials found that some imported tyres were being invoiced for customs duty purposes at a price lower than even the value of its principal raw material, rubber, at the point of entry into the country.
Pakistan slashes import duty on betel from Sri Lanka
Pakistan has slashed customs duty on betel imports from Sri Lanka to 20%. This followed the signing of a bilateral trade agreement between the two countries during the recent visit of Sri Lankan Export Development and International Trade Minister Prof. G. L. Periris to Pakistan, Sri Lankan official sources informed.
This is the biggest duty concession given by Pakistan to any betel exporting country in the world so far. Sri Lanka exports 3,000 metric tons of betel annually. This may grow further, with the latest duty concession.
 |
KYRGYZSTAN
Indo-Kyrgyz bilateral trade up by over 50% |
During April-December 2006, exports from India to Kyrgyzstan increased by 53.6% to US$ 30.886 million from US$ 20.105 million during the same period last year. The main items exported by India to Kyrgyzstan were RMG cotton, including accessories, which accounted for 35.8% of India’s overall exports to Kyrgyzstan. This item witnessed an increase from US$ 7.201 million to US$ 11.062 million. The export of RMG wool, the second largest item, increased by 4.9% to US$ 8.799 million from US$ 8.388 million. This item accounted for 28.5% share in India’s total exports to Kyrgyzstan. The third largest item exported was drugs, pharmaceuticals and fine chemicals which grew by 83.7% to US$ 2.359 million from US$ 1.284 million. The fourth largest item, RMG of other textile materials, grew by 1409% to US$ 1.736 million from US$ 0.115 million, accounting for nearly 5.6% of India’s total exports to Kyrgyzstan.
Indian export of tea increased by 28.5% to US$ 0.343 million from US$ 0.267 million. Other items such as electronic goods, recorded an increase of about 40920% to US$ 2.051 million from US$ 0.005 million.
During April-December 2006, imports from Kyrgyzstan increased by 57.9% amounting to US$ 0.774 million against US$ 0.490 million during the same period last year. The three largest items of import were inorganic chemicals, raw wool and leather which together accounted for 74% of India’s total imports from Kyrgyzstan. Their imports were worth US$ 0.382 million, US$ 0.107 million and US$ 0.083 million respectively.
 |
THAILAND
Thailand invites Bids for Naresuan Hydropower Project |
Sealed bids are invited for design, manufacture, fabrication, shop tests, supply, delivery to site, insurance, construction, installation, testing, commissioning and guarantee of the equipment and powerhouse and associated civil works for 1 x 8 MW Naresuan Hydropower Project. This project is financed by EGAT’s fund. Bidding documents will be available for examination of bidder’s qualifications and for purchasing from June 29 to September 21, 2007 at USD 430 or Baht 15,000 per set of two copies, and US$ 215 or Baht 7500 per an additional copy, non-refundable.
The bidding documents can be obtained from Procurement and Contract Department - Power Plant Engineering, Power Plant Planning and Project Division, Room No. 350, Building No. TOR 100, Electricity Generating Authority of Thailand (EGAT), Bang Kruai, Nonthaburi-11130, Thailand, Fax: 662-4336317, 4335523, 4344064, 4360591, Tel:4339774.
Payment can be made by a certified cheque or money order made payable to EGAT or by telegraphic transfer to EGAT’s current account No. 109-6-05599-6, Krung Thai Bank Public Company Limited, Bang Kruai Branch, Nonthaburi. All bank charges and fees incurred by the payment of bidding documents shall be under the Bidder’s responsibility. Bidding documents will be either airmailed or airfreighted to the buyer at EGAT’s expense upon receipt of the relevant remittance. In case the buyer requires the bidding documents to be sent by Express Mail Service (EMS), the charges for the same will be borne by the buyer.
 |
COSTA RICA
Costa Rica offers market for Indian pharmaceuticals, electronics and textiles |
There are tremendous opportunities for export of Indian goods especially electronics, pharmaceuticals and textiles to Costa Rica. This Latin American country also has a very advanced computer hardware sector with Intel having an industrial base in the country that accounts for around 25% of Costa Rica’s exports as well as GDP. Indian IT companies can compliment the Costa Rican computer hardware sector by entering into joint collaborations with the latter. There is substantial presence of Indian businessmen in Costa Rica who are engaged in the textile dying sector, electronics, etc.
The Executive Director of the consolidated Coins Company of India Mr. Gautam Chopra visited Colombia and expressed his desire to enter into the Costa Rican coin production sector. There is substantial scope for business for Indian pharmaceuticals and chemical industries as well. Praj Industries is working on constructing various ethanol plants in the country. The Costa Rican Government proposes to offer railway projects to Indian companies as well in the near future.
 |
ECUADOR
Joint Business Forum between India and Ecuador likely in August |
Ecuadorian Export Promotion Council (CORPEI) has taken keen interest towards engaging in intensive bilateral commercial interactions with the Indian companies. The Executive Director of CORPEI has extended an invitation to the CII Secretary General to explore the opportunities of closer interactions between Ecuadorian and Indian businessmen. The Embassy proposes to organize a Joint Business Forum between India and Ecuador in association with CORPEI in August 2007. CII has agreed to send a business delegation to participate in the proposed Joint Business Forum. ITPO, as also other important Indian companies, have also been approached for this purpose. Participation of prominent Indian companies interested in investing or doing business in Ecuador would be highly productive for our bilateral trade which reached an all time high of US$ 100 mn last year. There is also considerable scope for Indian private sector particularly in sectors like IT, vehicles, automobiles, textiles, and pharmaceuticals.
 |
COLOMBIA
Colombian industries keen to participate in IITF |
In a meeting with Indian Ambassador, President of Colombian National Association of Industries (ANDI) Mr. Luis Carlos Villegas proposed to send a delegation consisting of about 100 Colombian businessmen alongwith Colombian President Mr. Alvaro Uribe Velez who is scheduled to visit India in early 2008. He also proposed to organize an India-Specific Joint Business Forum in Bogota and Medellin in association with the Bogota Chamber of Commerce to facilitate closer interactions between Indian and Colombian Businessmen. He expressed keen interest in securing the participation of the members of the ANDI in the trade fairs in India, most notably in IITF.
Colombia agrees for DTAA with India
After some initial shilly-shallying, Colombia has finally agreed to enter into Double Taxation Avoidance Agreement with India, Indian embassy sources said. Colombian authorities have given instructions at the highest political level to examine the matter. (Maps from worldatlas.com)
