TRADEWINDS
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SRI LANKA
Colombo bans Live Poultry imports from India |
Sri Lanka has banned import of live birds and chickens from India. G. Wijesiri, a senior official with the Sri Lankan Animal Health Department said this. The decision is said to have been taken in the wake of the spread of the disease among birds in India.
Colombo Dockyard to build passenger vessel for India
For the first time in the history of local shipbuilding industry, Colombo Dockyard PLC (CDPLC) has been awarded a shipbuilding project by the Government of India. This is the first Ocean going passenger vessel construction to be undertaken by CDPLC. In monetary terms, this US$ 36.6 million order is the largest shipbuilding order and the highest value contract CDPLC has ever secured during a span of over three decades of operations.
Sri Lanka attracts Indian fabric suppliers
Sri Lanka is becoming a preferred destination for Indian fabric suppliers and dealers, said the Chairman of Sri Lanka Apparel Institute Prof. Lakdas Fernando. The organizing of international standard exhibitions like Apparel Industry Suppliers Exhibition (AISEX) and the Fabric and Accessory Sourcing Exhibition (FACE) would be held from November 6 to 8 in Colombo which would provide an opportunity for meeting of buyers and sellers.
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TURKMENISTAN
Traders prefer barter with Turkmenistan buyers |
Due to 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.
During the month of February, 157 contracts were registered with the State Commodity and Raw Materials Exchange of Turkmenistan. The commodities traded were A-92 petroleum, polypropylene, polypropylene bags, Liquefied gas, technical hydrocarbon, diesel fuel L-09-62 brand, jet kerosene, B-carbamide, low grain black oil, straight run naptha, low sulfur black oil, diesel fuel, petroleum coke, TS-1 jet kerosene, cotton yarn, cotton lint, ginned cotton, jean cloth, cotton fiber, cotton spinning waste, cotton refined oil, mattress wadding products, jacquard Turkish towels, textile industry waste, Hosiery items, bathrobes, unbleached cloth, cotton thread, cotton husk, gray cloth, cattle skin, washed Astrakhan sheep wool products, sewing cotton padding, laundry soap, technical iodine, liquorices root, pelts of ruminant animals, and tomato paste. The total amount of business deals in foreign currency was US $ 474 mln (approx) and in local currency approx Manats 124.107 bln (equivalent to US $ 19.85 million converted at o.r.e.). Businesspersons from Afghanistan, Azerbaijan, Belize, Belarus, Belgium, Bulgaria, British Virgin Islands, Cyprus, China, Gibraltar, Great Britain, India, Iran, Italy, Kazakhstan, Kyrgyzstan, Mauritius, Netherlands, Pakistan, Russia, Singapore, Switzerland, Turkey, UAE, Ukraine, USA, were buyers of the above listed items.
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ETHIOPIA
Sterlite Technologies to supply conductors to Ethiopia |
Sterlite Technologies Limited of India, a power conductors and optic fiber cable manufacturing company, bagged a US$17.5 million contract from the Ethiopian Electric Power Corporation (EEPCO) for the supply of power transmission conductors. As per the agreement, Sterlite Technologies will deliver over 17,000 km of AAAC conductors, to be installed in the 4,000 km route length of the Accelerated Electrification programme (AEP) from April 2008 to September 2008. The project is being executed under World Bank funding in Ethiopia.
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AUSTRIA
Cargo-Partner sets up Indian subsidiary |
The international transport-logistics-group Cargo-Partner has set up an independent subsidiary in the Indian market. Within the first business year 2007, 20 new offices were opened. According to Stefan Krauter, Cargo-Partner’s CEO, a turnover of at least EUR 25 million in India is expected for the current business year 2008.
By the end of 2008, Cargo-Partner Logistics India Pvt Ltd plans to increase the number of offices by a further ten, making a total of 28. The company offers its complete range of services at all Indian offices, from air and sea cargo services, road transportation, ship charter, heavy and specialty cargo transportation, to customs handling and integrated warehouse logistics services.
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SINGAPORE
Sembawang E&C to build resort in Singapore |
Sembawang Engineers and Constructors (SEC), the biggest construction company in Singapore, owned by Indian Punj Lloyd, has been awarded a S$400 million contract by Marina Bay Sands Pte Ltd to build the Singapore’s Marina Bay Sands integrated resort’s (IR) North Podium comprising the casino, theatres and retail arcade. In November 2007, SEC was also awarded a S$463 million contract for architectural, civil and structural works at the Bayfront MRT station in Marina Bay. SEC is also constructing the new Downtown Line Bayfront MRT station in Marina Bay. The MBS project involves building the substructure and superstructure of the North Podium, and will have four upper levels and a four-storey basement.
Three more countries ratify ASEAN Charter
Malaysia, Brunei and Laos ratified the ASEAN Charter on 15 February. Singapore was the first country to ratify the Charter. Philippines says it will not ratify the charter if Myanmar does not take steps towards democratic reform. The Indonesian Parliament is expected to ratify the Charter by June 2008.
Singapore’s Foreign Affairs Minister, George Yeo, who chaired the two-day ASEAN Foreign Ministers’ retreat at Singapore, stated that the foreign ministers have settled the detailed plan of action on the implementation of the Charter and they expect all 10 ASEAN members to ratify the Charter before the next ASEAN Summit meeting in Dec 2008 in Bangkok.
State Bank of India plans five branches in Singapore
The State Bank of India plans to open five branches in Singapore within the first year of getting its retail bank licence, called Qualifying Full Banking licence (QFB). SBI has operated in Singapore since 1977 and applied for the QFB licence in 2007. However, a spokesperson for Monetary Authority of Singapore said: ‘Reserve Bank of India and MAS are working closely to review the applications by banks to be set up or to expand in the respective jurisdiction. Once these details are settled, the appropriate announcements will be made.’
Besides SBI, ICICI Bank has also applied for QFB status under India-Singapore Comprehensive Economic Cooperation Agreement signed in June 2005. Each QFB bank is allowed up to 25 branches.
Indiabulls may raise US$1.2b in REIT IPO in Singapore
Indiabulls Real Estate Ltd is reported to raise US$1.2 billion in a Real Estate Trust (REIT) IPO in Singapore stock exchange (SGX). Indiabulls Properties Investment Trust will acquire two properties in Mumbai being developed by two of the company’s units using the IPO funds. However, many planned Indian and other IPOs have been postponed in Singapore following the volatility in world financial markets.
(maps from worldatlas.com)
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Address of Indian Embassy in Tel Aviv Embassy of India 140, Hayarkon Street, Tel Aviv 63451 P.O. Box 3368, Tel Aviv 61033 Tel: 03-5291999; Fax: 03-5270821 E-mail: eoitlvcom@indembassy.co.il Website: www.indembassy.co.il |
