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From the President’s Desk…..
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My Dear Fellow Exporters,
Our Commerce Secretary has indicated that the sops given to exporters against sharp appreciation of rupee may not be extended beyond September 30. According to government sources, the sops to be rolled back include interest rate subvention on pre and post export credit as well as 1-3 percent increase in duty drawback and DEPB rates. Service tax exemption to export-related services is however said to continue. I have requested Commerce Secretary to wait and watch the situation till December 2008.
I, alongwith our Past President Mr. Navratan Samdria and our Director
General Mr. Ajay Sahai visited China and Hong Kong recently to hold
discussions with Chairman, China Foreign Trade Centre and Director, HKTDC in
pursuance of the target set by our two successive Prime Ministers
to raise bilateral trade between India and China to US$ 60
billion by the year 2010. In Hong Kong, we met Consul General of India
Mr. L.D. Ralte who suggested us to organize Made in India show in Hong Kong
to showcase our export capabilities.
In China, we took the opportunity to meet Consulate General of India in Guangzhou. We discussed with Mr. Gautam Bambawale the feasibility of opening India Trade Centre with display cum warehouse facility in Guangzhou. The GCI appreciated the idea and advised us to go ahead as early as possible. You would be happy to know that Canton Trade Fair Authority has nominated FIEO as their India Agent and has allocated a space of 500 sq. mt. to FIEO. I intend to allocate this space to export promotion councils so as to showcase all Indian products in the Fair, which is scheduled to be held in October this year.
Our Federation joined Trade and Investment Mission that visited Trinidad & Tobago from 2 to 7 June. Fifteen of our members joined the Mission under the leadership of our Director General Mr. Ajay Sahai. Our delegates met Indian High Commissioner Mr. Jagjit Singh Sapra who welcomed their proposal of establishing an India Trade Centre or Indian Caricom Centre in T&T but he suggested them to begin with a rented set-up and assess the situation before constructing a full fledged centre. We took the opportunity to sign a Memorandum of Understanding with Greater Tunapuna Chamber of Industry and Commerce, Macoya Industrial Estate, Macoya to promote bilateral trade between the two countries. Our delegates felt that hospitality industry in Tobago offered good potential for Indian investments.
We also participated in the 25th edition of TIBCO 2008, the largest international fair for consumer goods organized in Romania. Our Western Region Chairman Mr. S K Saraf led a team of 35 members. You might be aware that an India Trade Centre is being set up by the Federation in Romania to tap business opportunities in European Union, Balkan States and the adjoining areas of Central Asia, especially the CIS countries. To represent the interest of the stakeholders taking permanent space in ITC, the Federation has already registered a company named Indus Trade Services (ITS) in Romania and all legal formalities towards this end have been completed.
Yours
sincerely,
Ganesh Kumar Gupta
PRESIDENT
