TRADEWINDS
 |
SRILANKA
Sri Lankan Chamber opposes 100% Indian investments under CEPA |
The Ceylon National Chamber of Industries (CNCI) has expressed concern over the proposed move to allow 100% Indian investments into several sectors of Sri Lanka under the Indo-Lanka Comprehensive Economic Partnership Agreement (CEPA) now being discussed. The CNCI Chairman says that Indian investment should be allowed under the existing rules of the BOI in order to safeguard the local industry.
Desiccated Coconut millers ask for reduced import duty on Palm Oil
Sri Lankan Desiccated Coconut (DC) millers have requested their Government to reduce the duty on imported palm oil to ensure a continuous supply of coconuts for their industry. According to the industry sources, the dramatic increase over the past 12 months in world palm oil prices has sharply increased the retail price of palm oil in Sri Lanka and the country’s duty structure for palm oil imports has not been revised for more than 12 months. This has caused palm oil price to reach a record level of Rs. 150 per kilo during June 2007 and is projected to go up to Rs. 174 per kilo during July.
In response to the industry’s request, though the Plantation Industries Minister denied the possibility of reducing duty on imported palm oil, he said, the Government would take actions to provide coconut at reasonable rates as a remedial measure. According to the Minister, reducing the duty on palm oil would affect the country’s coconut cultivation and the coconut oil industry. He said, after a severe slowdown, local coconut oil industry has started booming and importation of more palm oil would adversely affect the coconut oil industry.
Ceylon Glass bags major Indian contract
Ceylon Glass Co. Ltd. (CGCL) informs that it has secured orders for screw cap wine bottles from major wineries in India competing against big multi-national companies in the field. In a statement, the company has reported a 19% hike in profits for the year 2006-07. During the year, CGCL launched seven new products, which were successfully commercialized. These included the new category of "Light Weight" one-way bottles which is the current trend in the packing industry.
 |
VIETNAM
8th ASEM meet admits six new members |
The 8th Asia-Europe Meeting of Foreign Ministers (ASEM) held in Hamburg admitted six new members (Bulgaria, India, Mongolia, Pakistan, and Romania) and reiterated the need to co-operate on energy security, climate change and to combat terrorism while agreeing on disarmament and arms proliferation. It also recommended that the WTO end the current Doha Round of negotiations in the interest of developing countries. They also welcomed the ASEAN-EU discussions on a bilateral free-trade area held in Brunei in early May.
On the sidelines, Thai Deputy Prime Minister and Foreign Minister Pham Gia Khiem had discussions with senior representatives from the European Commissioner for External Relations and the EU’s foreign and security policy as well as his counterparts from Bulgaria, the Czech Republic, Estonia, Germany, Lithuania, Luxembourg and India. The meeting also prepared for the next full summit to be held in Beijing, China, in October 2008.
Vietnamese Rubber company joins J K Tyre
On June 7, Southern Rubber Industry Joint Stock Company (Casumina) signed a cooperation contract with J K Tyre and Industries Ltd. of India to export automobile tyres and tubes. Under the contract, Casumina would sell 180,000 truck tyres and tubes to JK Tyre and Industries Ltd for 17 million USD. These products will first be sold under the name of J K Tyre and will then be sold under the name of Casumina following consumer feedback on quality. J K Tyre would provide the latest technology to Casumina, one of the leading rubber producers in Vietnam.
Indian company to build bagasse-fuelled power plant
India’s NIVL Limited announced investing 30 million USD in building a bagasse-fuelled power plant in the Mekong delta province of Long An. The plant, expected to provide 21 MW to the national grid, will use sugarcane waste from its existing sugar mill also in Long An province. NIVL Limited claims to be the first foreign enterprise to start sugar production in Vietnam in the year 1996.
 |
MAURITIUS
Mauritian Minister calls on Delhi Metro Chief |
A delegation from Mauritius led by the Minister of Public Infrastructure, Rashid Beebeejaun, paid an official visit to India in the second week of April in quest for a wayout to the mounting road traffic in Mauritius. The Minister, accompanied by the Mauritian High Commissioner in India, Mr. Mukesswur Choonee, met the Director of DMRC, Mr. E. Sreedharan to explain the prevailing road condition in Mauritius and the previous attempts to introduce the Light Rail Train, the Monorail and the Guided Rubber Rail Systems. In this context, the DMRC Chief indicated to the Mauritian officials that the previous options considered were inconvenient to Mauritius. As such, DMRC has proposed to conduct a feasibility study for setting up a metro project in Mauritius that would cover 25 kilometers, with thirteen stations for duration of thirty-two minutes a journey at an expected speed ranging from 55 to 75 kilometres per hour.
Air Mauritius to add Bangalore as new destination
In view of the growing number of Indian tourists visiting Mauritius over the last three years reaching 37,000 in 2006 and the anticipated rise of 10% this year, Air Mauritius is planning to add a new destination in India, Bangalore, from mid-2008. The Airlines CEO, Mr. Manoj Ajoodha says that India proves to be an important and emerging market for Mauritius as the high economic growth rate in India is leading to a growing number of upper middle-class people who wish to travel abroad for holidays.
 |
OMAN
Omani fishery company looking to invest in India |
There are some 30 companies active in the Omani fishery and seafood export sector, altogether accounting for $104.7m worth of overseas sales to 50 countries in 2006, with the majority of exports going to other Gulf Co-operation Council member states and Europe. The industry is the second highest export earner after energy resources. To maintain this position though, Oman’s fishery industry has to make plans to cast its net wider in order to meet its orders.
Mohammed bin Hamad al Masrouri, the Chairman of Oman Fisheries SAOG, the Sultanate’s largest processor and exporter, announced in late June that the company was looking at overseas investments to boost supplies and its financial results. Among the proposals that al Masrouri identified were facilities for fish procurement, storage and fish farming in Yemen, Vietnam and India.
 |
DENMARK
Trade unions propose ethical product labelling |
According to a survey report prepared by Oxford Research at the request of the Danish Confederation of Trade Unions (LO), a majority of top executives in Denmark are in favour of ethical labelling of products with the purpose of informing consumers on the working conditions involved in their production. 61% of all major Danish companies say that they would prefer workers’ rights to be included in product labelling to ensure the consumers that articles bought in shops have not been manufactured under unreasonable conditions – for instance by child workers, slave workers, or by companies that prohibit their employees from organizing. According to LO, however, the Danish Government is not inclined to support such initiative.
(Maps from worldatlas.com)
