TRADEWINDS
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REPUBLIC OF KOREA
Solvent extractors visits Seoul |
A delegation sponsored by Solvent Extractors Association of India (SEA) visited Seoul on 6-7 May, 2008. The 10-member delegation was led by Mr. Ashok Sethia, President of SEA. During their stay at Seoul, the delegation held various meetings with Korean trade organizations. The mission in conjunction with KOIMA successfully organized a Buyer-Seller Meet for the visiting member companies of Solvent Extractors Association of India (SEA).
India participates in 6th Imported Goods Fair
India participated in the 6th Imported Goods Fair (IGF 2008) held in Seoul from 23 to 26 May, 2008. The event was organized by Korea Importers Association (KOIMA). Mr. S.K. Sharma, Manager, India Trade Promotion Organisation and Mr. J.P. Nagar, Director, Ministry of Small & Medium Enterprises (Office of Development Commissioner), Indore led ITPO sponsored SSI companies to participate in the show. ITPO and Embassy of India also set up a separate booth at the IGF 2008.
Korean importers look for Indian Mango
The bilateral trade between India and ROK has made significant progress in the past three years and the total trade between the two countries is marginally in favour of ROK. Indian exports to ROK is increasing rapidly. As per ROK statistics, Indian exports to ROK were recorded at US$ 4624 in 2007 as compared to US$ 1850 in 2004, showing an increase of 150 percent over last three years. In comparison, Korean exports to India increased by 81 percent only, from US$3632 in 2004 to US$6600.
The share of agro and food products in the total Indian exports to ROK is still very low. Recently, export of Indian food products have shown some improvement. Republic of Korea has been importing most of the food items including tea, coffee, cereals, pulses, diary products, tobacco, sugar, cashew nuts, marine products, fruits and vegetables. However, the volume/ amount of Indian exports with regard to tea, dairy products, floriculture, tobacco, sugar, fruits and vegetables, meat products is insignificant. Continued efforts have been made to have access to Korean market as well as to promote Indian agro-food products at various levels.
Korean Government has recently shown its willingness to speed up the procedure for mutual recognition agreement in respect of Indian fresh fruits and vegetables as per India’s priority. The Korean importers have shown greater interest in Indian agro and food products, particularly in Indian Mango.
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SAUDI ARABIA
Saudi Arabia opens new sectors opened for foreign investors |
Saudi Arabia has decided to allow foreign investment in some vital sectors such as insurance services, wholesale and retail trade, air and train transport and communication services. The negative list of investment was also revised to comply with Saudi Arabia’s commitments to WTO. The new list excludes distribution services, wholesale and retail trade including medical retail services.
Other sectors open to foreign investment are – distribution of cinema films and video cassettes, transportation of passengers inside cities by train and satellite transmission services. Sectors still out of bounds for foreign investors include recruitment and employment services including local recruitment offices, real estate brokerage, audiovisual and media services, land transport except transportation by train within cities, services rendered by midwives, nurses, physiotherapists and paramedics, fisheries blood banks and quarantines.
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NETHERLANDS
Indian companies find Dutch tax and investment policies as business friendly |
Indian companies find Dutch tax and investment policies business friendly. Netherlands can also be used as gateway to Europe. Nearly all top IT companies from India like TCS, WIPRO, Infosys, HCL, Satyam have a presence in the Netherlands. Satyam has also taken a listing on the Euronext exchange in Amsterdam. There is a growing presence of major Indian companies in other sectors such as Moser Baer, Safal, Suzlon and ONGC Videsh.
(Maps from worldatlas.com)
