TRADEWINDS
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SINGAPORE
India cuts import duties on 539 products |
Following the conclusion of first Review of India-Singapore Comprehensive Economic Cooperation Agreement (CECA) on Oct 1, 2007, India agreed to further liberalise tariff concessions for Singapore’s exports to India, with effect from Jan 15, 2008. Subsequently, on 20th December, Indian Commerce Ministry announced reduction/ elimination of import tariff on an additional 539 products from Singapore. Out of these, on 307 products including base metal, machinery and mechanical appliances, chemicals and textiles, the duties will be eliminated in five equal cuts between Jan 15, 2008 and Dec 1, 2011. Duties on another 97 other products will be eliminated in nine equal instalments by Dec 2015. Duties on remaining 135 products will be reduced to 5% in nine equal cuts by Dec 2015.
Under the existing Trade in Goods Agreement under CECA, 83% of value of India’s imports from Singapore covered under products for which tariffs are being eliminated/reduced. With the recent addition, the coverage would go upto 93% of total imports from Singapore. India also agreed that additional concessions offered by India for India-ASEAN FTA would also be offered to India-Singapore CECA. The CECA was signed by Singapore Prime Minister Lee Hsien Loong and the Indian PM Dr. Manmohan Singh in June 2005. Since then, Singapore’s exports to India rose 26.5% to US$3.4 billion in the fiscal year 2006 and 63% to US$5.5 billion in 2007.
SBI launches instant online rupee remittance facility
On 2 Dec 2007, State Bank of India launched an ‘instant transfer’ facility for rupee remittances from Singapore to nearly 6,000 branches of SBI and some 4,000 branches of its seven associate banks in India. SBI has been operating in Singapore as an offshore bank since 1977. In 2006, SBI started a remittance centre in Singapore. The bank also plans to cater to foreign workers from Bangladesh.
IDFC organises 2nd Infrastructure Conference
Indian Infrastructure Development Finance Company (IDFC), alongwith its subsidiary IDFC-SSKI, organized the second Infrastructure Conference (2007) at Singapore on 3rd and 4th Dec 2007. The conference deliberated on the challenges involved and opportunities available in infrastructure development in India, with special focus on power sector. Participants consisted of senior representatives from various funds, asset management companies, banks and research analysts. Senior officers from Indian power companies and from other companies in infrastructure participated and made presentations.
Jet Airways expands capacity in Singapore-India sector
Jet Airways has increased its capacity by 57% in Singapore-India sector by introducing a bigger aircraft A330-200 replacing the smaller B-737. Jet Airways currently accounts for 21 of the 162 weekly flights between Singapore and destinations in India and with the bigger aircraft, its ratio of total passengers, will raise from 8% to 12%. Jet Airways also plans to launch new flights from Bangalore and Hyderabad to Singapore by June 2008. Jet Airways has also revealed that it is looking for a suitable hub from where it could operate to other countries by code-sharing with a partner airlines dominant in that hub.
Same day Indian visas to Singapore businessmen
Following the announcement made by the Indian PM during the recent India-ASEAN Summit in Singapore in Nov 2007, the Indian High Commission in Singapore started issuing business visas to Singaporean businessmen on the same day of application.
Semb E&C wins S$463m metro contract
Sembawang Engineers & Constructors, majority owned by Indian Punj Lloyd, has won a S$463 million contract to build an underground metro junction station connecting Singapore’s fourth and fifth metro lines under construction. The work includes civil and structural works as well as two pairs of stacked tunnels. Sembawang E&C is also constructing three more underground metro stations and fit-out works for the fourth line.
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ETHIOPIA
Second Regional Symposium on Doing Business with India |
The Indian Mission in Ethiopia organized the 2nd Regional Symposium on "Doing Business with India" for the Southern Nations, Nationalities and Peoples’ (SNNPS’) Regional State at its capital city Awassa on 3rd December 2007. SNNPS’ Regional State authorities, including office of the President, Trade and Industry Bureau, Investment Bureau and Awassa Chamber of Commerce & Sectorial Associations assisted in organizing it. The Indian delegation was led by Mr. Gurjit Singh, Ambassador of India and included a nine-member Indian business delegation from diversified sectors. Approximately 80 business persons from SNNP’s Regional State attended the symposium.
The President of Awassa Chamber of Commerce and Sectorial Associations, Mr. Solomon Afework stated that apart from the local incentives to the businesspersons, they can get free movement of goods and services without tariff to COMESA countries. He sought Indian companies’ assistance and participation in the areas of small and medium enterprise to strengthen exchange of experience as well as transfer of technologies apart from growth of trade volume.
After the first and second regional symposiums at Mekele and Awassa respectively, Embassy of India is planning to have another business symposium at Bahir Dar.
Indian firm signs contract of potash mining
Sanik Coal Mining Pvt. Ltd., an Indian company has signed an agreement with Ethiopian Ministry of Mines and Energy to establish a US$451 million Potash mining project in Afar Region. The company proposes to transport the potassium deposits to Djibouti to export the same to India. With this proposal, India’s investment stands at US$1.1 billion in diversified sectors such as floriculture, pharmaceuticals, minerals and agricultural production.
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BRAZIL
Indo-Brazil trade crosses 3 b dollars |
The trade between India and Brazil had reached an unprecedented figure of US dollar 3.1 billion during 2007 and hence crossed the 3 billion mark for the first time in the history of economic and commercial relations between the two countries.
This figure shows an increase of US dollar 710 million in absolute terms over the figure of year 2006 and almost of US dollar 2 billion over the figure of year 2004. While the trade surplus of India has further extended from a figure of mere US $ 65 million in 2005 to US $ 1.2 billion in 2007, the coverage of Brazilian exports to India for Brazilian imports from India had deteriorated from 0.64 to 0.44. India had trade surplus with Brazil only eight times in the recent history (1996, 1997, 1998, 2000, 2001, 2005, 2006 & 2007), and out of these, India had a total surplus of US $ 1742 million in just two years viz. 2006 & 2007 and a mere US $ 494 million in all the other six years. Years 2006 and 2007 have been the watershed in the history of trade relations between India and Brazil.
Though almost half of India’s exports were accounted for by Diesel Oil viz US $ 1.1 billion, thirteen other items with more than US $ 10 million values that include medicines, chemicals, polyester fibers, optical discs, auto parts etc suggest that our exports are getting diversified and is no longer driven by one or two items. Some of the new entrants, which have the potential of becoming big-ticket items soon, are auto parts (with a growth of 824% in 2007 with a value of US $ 13 million), textile fibers (polyester fibers, synthetic fibers and cotton fibers together with a value of US $ 150 million), Diesel motor (with a growth of 975 % at a value of US $ 10 million) are some of the future items apart from the medicines, mostly in API, which would grow exponentially given the presence of many Indian Pharmaceutical Companies in Brazil and the latest policy inclination on Lula Government to buy medicines from India.
Indian Textile Delegation visits Rio de Janeiro and Sao Paulo
A high-level textile delegation led by Secretray (Textiles) Mr. Arvind Kunar Singh visited Rio de Janeiro from 14 to 16 December and Sao Paulo from 16 to 18 December and had extensive business intercations with the represntatives of the Fedretaion of Industry of the State of Sao Paulo (FIESP), Association of Textiles Manufacturers of Brazil (ABITI), Association of Shopkeepers of Brazil (ALSHOP), Association of Fashion Designers of Brazil (ABEST) and also visted a garments manufacturing unit in Sao Paulo.
Indian Consul General Mr. S. Swaminthan and Consul (Com), Mr. Rajeev Kumar, accompanied the delegation to all these important meetings. Brazil imports US $ 150 million worth of textile fibers from India. The other members of this delgation were Mr. Jagadip Narayan Singh, Textile Commisioner, Mr. Sanjeev Saran, Chairman, Synthetic & Rayon Textiles Export Promotion Council (SRTEPC), Mr. Vijaykumar Agarwal, Chairman, Apparel Export Promotion Council, Mr. Amit Ruparelia, Vice-Chairman, The Cotton Textiles Export Promotion Council, Mr. Rahul Mehta, President, The Clothing Manufacturers Association of India and Mr. Anil Kumar Bamba, Secretary General, Apparel Export Promotion Council.
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Embassy of India in Armenia 50/2 Dzorapi Street, Yerevan 375019, Republic of Armenia Tel: 374-10-539173/539174/539175 Fax: 374-10-533984 E-mail: hoc@embassyofindia.am, attaché@embassyofindia.am, commercial@ embassyofindia.am; ambassador_office@ embassyofindia.am Website: www.indianembassy.am |
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 |
Indian Consul explores cooperation with Brazil in shopping centers
Indian Consul (Com), Mr. Rajeev Kumar met the Executive Director of ABRASCE, Mr. Decio Casarejos Pecin Junior on 19 December in Sao Paulo and discussed the possibilities of cooperation in the area of shopping centers between the two countries. Consul (Com) mentioned to the representatives of ABRASCE that the shopping centers in Brazil are of high quality and technology savvy and encouraged ABRASCE to look for the possibility of cooperation in this area, particularly when this sector has recently been opened in India. ABRASCE showed interest and informed that it would be more than willing to organize seminars in the premises of ABRASCE for the high-level delegations like the one recently concluded from Textile Industry led by Secretary (Textiles).
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SAUDI ARABIA
New Sectors opened to foreign investors |
Saudi Arabia plans to open more sectors for foreign investment such as insurance services, wholesale and retail trade, air and train transport and communication services. It has revised negative list of investment to comply with its commitments to WTO. The list now excludes distribution services, wholesale and retail trading including medical retail services.
Other sectors open to foreign investment in Saudi Arabia are: distribution of cinema films and video cassettes, transportation of passengers inside cities 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.
(maps from worldatlas.com)
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Online filing of VAT return in West Bengal Directorate of Commercial Taxes, West Bengal has set up the facility of online filing of VAT return and payment of VAT from January 2008 for the dealers in the state. Initially, this facility will be available to only select dealers which will be later extended to all the dealers in the state. The list of select dealers is available at www.wbcomtax.gov.in. The website also lays down the procedures for filing VAT return online. Arrangements are being made with the State Bank of India for VAT deposit. Other banks are expected to join later. |
KOAAshow 2008 The Automatic Industry Globalization Foundation, Republic of Korea, will be organizing Korea Autoparts & Auto-related Industries Show "KOAAshow 2008" from 22nd to 25th October 2008 at Seoul. The exhibition will be co-organized with Korea Trade-Investment Promotion Agency (KOTRA) and SAE International in USA. The brief details of the event are as follows: Items to be displayed are: Restoration parts and chemicals, tuning accessories and car care products, manufacturing equipments, engineering solution, repair & maintenance, service, electrical/electronic parts and control system, multimatics and multimedia system for automotive, services for information and entertainment. Automotive engineering training programme by SAE International and a business meeting arranged by KOTRA would be held as part of the Show. For more information please contact at Email: koaashow@koaashow.com; Tel: + 82 31 433 0023; Fax: + 82 31 433 0302; Website:www.koaashow.com |
