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Commerce Minister-World Bank discusses ways to collaborate in specific areas of trade, logistics and investment

Updated: Jul 13, 2018 06:55:56am
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Commerce Minister-World Bank discusses ways to collaborate in specific areas of trade, logistics and investment

New Delhi, July 13 (KNN) A workshop will be conducted by Ministry of Commerce & Industry and World Bank along with other concerned Ministries to identify specific interventions required to streamline logistics in the country with an aim to integrate Indian products into Global value chains, according to an official release.

Commerce and Industry Minister Suresh Prabhu, during his meeting with the World Bank team, discussed exploring ways to strengthen World Bank support towards India's development with collaboration in specific areas of trade, logistics and investment.

The World Bank team was led by Caroline Freund, Director of Trade, Regional Integration and Investment Climate and Junaid Ahmad, Country Director for the World Bank in India.

The Minister highlighted the work being done by the Ministry for developing a National Integrated Logistic Policy (NILP). The Policy will focus on increasing the capacity of storage and warehousing and other value added services.

Multimodal logistics parks, integrating various transportation modes, are also being developed right up to the district level.

The Minister also highlighted the work being done by the Ministry towards identifying specific products and markets to increase India's exports by USD 100 bn.

He underlined the need for understanding product specific supply chains for India to integrate effectively into global supply chains. The (NILP) will reduced the cost of goods and make Indian product more competitive.

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