TRADEWINDS
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LITHUANIA
World Trade Centre coming up in Vilnius |
A World Trade Centre, projected to be one of the largest trade centers in Europe, will be set up in Lithuania’s capital city Vilnius by 2010 with a planned investment of EUR 430 million. The new centre is aimed as an effective means for the further expansion of international business between Eastern and Western countries due to its favorable location. The centre will cover an area of 200,000 sq m and will offer a wide range of facilities and services such as conference halls, modern offices, a 300-room hotel, restaurants, a VIP shopping centre, a VIP healthcare centre, VIP apartments, and also a modern international business education centre.
Boom in Lithuanian Construction Market
As per data released by the Lithuanian Department of Statistics, investments in the Lithuanian construction market grew by 50% and the sector expanded by more than 40% during the first quarter of 2007. Investments into the Lithuanian construction market grew to more than EUR 1 billion during the period. Lithuanian building companies carried out construction work worth EUR 463 million during the first three months of this year. The value of new construction projects amounted to EUR 285 million, making up almost 60% of the total volume of constructions during the first quarter.
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TURKMENISTAN
Turkey, Iran resort to barter trade with Turkmenistan |
Due to a very restrictive foreign exchange conversion facility in Turkmenistan, most exporters face a common problem of payments. In view of this, majority of the foreign traders from neighboring countries like Turkey and Iran resort to barter trade. Oil, cotton, textiles, iodine etc. are the items, which can be imported from Turkmenistan under barter trade. Companies from other countries establish offices and appoint local representatives in Turkmenistan for faster and profitable transactions.
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UNITED ARAB EMIRATES
Media reports ban on Indian poultry |
As per media reports appearing in WAM (Emirates News Agency), Gulf News, and Gulf Today, UAE has enforced a temporary ban on import of poultry products from India since July 30. According to the reports, the ban covers "all domestic and wild birds, including ornamental birds, and their products." Earlier, UAE had lifted the ban on the import of Indian poultry products on June 7.
Union Bank receives approval to open office in Abu Dhabi
Union Bank of India has received a preliminary approval from Central Bank of Abu Dhabi during second week of July for opening a Representative Office in Abu Dhabi. The Bank is in the process of converting the approval into a license.
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THAILAND
Thailand slashes import tariffs on 157 items |
On 3rd July, the Thai Cabinet approved reduction of import tariffs on 157 items, expecting it to reduce the government’s revenue by Bt.700 million per annum. The items covered products which are not manufactured in Thailand. Tariffs on 126 items - including silicon steel pressure valves and machinery for electric metal works - will be waived. Current tariffs on these items are in the range of 1 to 30 per cent. The measures would benefit local industries, particularly food, auto and auto parts industries. The Cabinet, on the other hand, raised tariffs on floating glass sheets to protect local manufacturers against cheap products from China.
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SRI LANKA
Sri Lanka to develop eastern province as SEZ |
The Government of Sri Lanka is planning to develop eastern province of Sri Lanka as Special Economic Zone. It has plans to attract foreign and local investors to launch key infrastructure development and commercial projects in the region. The eastern province is seen as an area of vast economic potential and capable of attracting investments, especially in the tourism, fisheries and agricultural sectors. Together with the private sector, Sri Lankan Government is planning to set up a 1,600 acre economic zone in Trincomalee to launch large industries. According to its Board of Investments, a special package has been devised for investment in the eastern province. In addition, there are many concessions such as a tax free period of 10 years for Rs. 15 to 30 million investments.
Jetlite (India) resumes flights to Sri Lanka
Jetlite (India) ltd., a wholly owned subsidiary of Jet Airways, India, resumed flights to Sri Lanka after a lapse of almost three months with the first flight arriving from Chennai. Jetlite flight, a Boeing 737, will operate 7 days a week from Delhi via Chennai to Colombo.
Indian Company to construct tallest building in Sri Lanka
An Indian Company named N.E.B Projects has signed an agreement with the Urban Development Authority (UDA) of Sri Lanka to build a 60-floor edifice at Battaramulla in Sri Jayawardhanapura Municipal Council Area. This mixed development project will cost Rs. 13.2 billion. The construction is to commence soon and will finish in four years. It will be the tallest building in Sri Lanka after completion.
Ban on chicken imports from India
Sri Lanka has imposed a temporary ban on the import of live birds and chicken from India following a bird flue scare in Manipur. Sri Lanka’s import from India of chicken is about 20% of its total consumption, according to the representative of a trade association.
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BRAZIL
Indo-Brazil trade reaches US $ 979 million |
The trade between India and Brazil reached US $ 979 million during January-May 2007. During this period, India’s exports to Brazil were at US $ 615 million and Brazil’s exports to India were US $ 363 million. Brazilian exports to India witnessed a growth of 33 %. Soya oil (19.4%), copper (16.5%), Iron ore (5.4%), chemicals (9%), and asbestos (3.99%) were the prominent export earners for Brazil. Brazil exported US $ 258 million worth of industrial goods and US $ 106 million of basic goods. During the visit of Brazil’s President Lula to India during early June, Paramount Airlines announced to buy 40 jets from Brazil’s Embraer, which is going to boost Brazil’s exports to India at least by USD 1 billion by year-end.
India’s exports to Brazil increased by 31.98 % during January-May 2007 over the same period last year. India exported US $ 615million worth of goods during January–May 2007. The share of India’s exports in total basket of Brazil’s imports was 1.4%. Major items India exported were diesel oil (42.2%), artificial & polyester fibers (7%), chemicals, and pharmaceutical products. among others.
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POLAND
Poland becomes second most attractive investment destination in Europe |
Poland is in seventh place in the world in terms of the attractiveness for foreign investors, according to a survey conducted by Ernst & Young, with leading positions in rankings taken by China and the USA. Among European countries, joint first place is taken by Germany and Great Britain, while Poland is ranked second and is the leader among the countries from Central and Eastern Europe.
HCL Tech sets up shop in Poland
HCL Technologies announced in June that it had set up a software development centre in Krakow as part of its strategy to win more outsourcing business in Europe. HCL Tech is India’s fifth largest software services exporter. The Krakow centre is initially expected to have about a staff strength of about 1000 which would rise to 250 by December 2007.
(Maps from worldatlas.com)
