Brand India established at Vietnam's global show
Updated: Oct 10, 2013 03:20:53pm
New Delhi, Oct 10 (KNN) Engineering exporters showcased the country's manufacturing capabilities at Vietnam's global show, in a bid to find new markets in the south Asian region, in the face of slowdown witnessed in western markets.
Vietnam’s most prestigious engineering exhibition with international participation, INDEE held at Ho Chi Minh city saw a large contingent of Indian engineering export houses (largest foreign presence), as part of the EEPC India show, inaugurated today by India’s Ambassador (designate) to Vietnam, Preeti Saran.
“The three-day event reflects India’s ‘Look East’ policy, as highlighted by regular summit of India and the Association of South East Nations (ASEAN),” said a press release.
The event coincided with the 11th India-ASEAN Summit being held at Brunei Darussalam which Prime Minister Manmohan Singh is currently attending.
As many as 85 leading engineering and automobile manufacturers will be showcasing a range of high-tech items including passenger cars, station wagons, trucks and other motor vehicles, for global buyers.
On the significance of India’s participation, “Vietnam assumes a special importance not only because its economy is opening up, but also it has weathered well the impact of the global slowdown and continues to grow. In fact, it is the fastest growing country today after China,” EEPC India Chairman and leader of delegation, Anupam Shah said.
“Unlike the ASEAN region as whole, India’s exports to Vietnam are more than imports and there is a further scope,” said Saran. Indian exports to Vietnam were USD 3.96 billion against imports of USD 2.3 billion in fiscal 2012-13.
Brand India was clearly visible in the INDEE fair, right from the Ho Chi Minh city airport to the venue as EEPC India had plastered banners prominently in the Vietnamese capital, according to Saran.
Besides, the Indian delegation has been interacting aggressively with the local print and electronic media creating awareness about the brand India in the historic city thanks to assistance from India’s Embassy there.
India’s engineering exports, the second largest contributor to the country’s export basket, aggregated to USD 56.7 billion in the fiscal year 2012-13. While these exports have registered a compound average growth of 12.6 per cent in the five period of 2007-08 and 2012-13, the industry came under pressure in the previous financial year because of global slowdown, particularly in the traditional markets of the US and Europe.
Shah is of the opinion that showcasing of Indian auto and other products would help the industry cope up with the decline in the sales of cars, trucks and other vehicles in the domestic market, which has been battling with high cost and high interest rates.
Manufacturers of other engineering items such as electrical transformers are also actively pushing their sales in the overseas markets in the show co-organised by Japanese agency, JETRO.
Besides trade, investments by Indian companies in Vietnam totals about 936 million US Dollars in 86 projects in sectors such as oil and gas exploration, mineral exploration and processing, sugar manufacturing, agrochemicals, IT and agricultural processing, the release said.
Also, India has agreed to consider earmarking USD 100 million under the Buyer's Credit under the National Export Insurance Account (BC-NEIA) for use by Vietnam. In addition, India has extended 17 Letters of Credit totalling USD 164.5 million to Vietnam.
As a strategy towards diversification, the Indian Ministry of Commerce is also helping incentivise exports to Vietnam, a key member of ASEAN which India has implemented the Free Trade Agreement, liberalising trade in an overwhelming number of items, it said.
Meanwhile, EEPC India Chief said that Vietnam has been included as a focus country in the Market-Linked Focus Product Scheme in Foreign Trade Policy of the Commerce Ministry. Exports to Vietnam are eligible for an additional weightage when being granted recognition as an export house, trading house etc. Further, they also count for eligibility for the Incremental Export Incentivisation Scheme.
Bilateral trade in engineering goods in 2012 were worth USD 663.72 million, indicating a share of close to 12 per cent in total two-way merchandise engagement of USD five billion. (KNN/ES)
Vietnam’s most prestigious engineering exhibition with international participation, INDEE held at Ho Chi Minh city saw a large contingent of Indian engineering export houses (largest foreign presence), as part of the EEPC India show, inaugurated today by India’s Ambassador (designate) to Vietnam, Preeti Saran.
“The three-day event reflects India’s ‘Look East’ policy, as highlighted by regular summit of India and the Association of South East Nations (ASEAN),” said a press release.
The event coincided with the 11th India-ASEAN Summit being held at Brunei Darussalam which Prime Minister Manmohan Singh is currently attending.
As many as 85 leading engineering and automobile manufacturers will be showcasing a range of high-tech items including passenger cars, station wagons, trucks and other motor vehicles, for global buyers.
On the significance of India’s participation, “Vietnam assumes a special importance not only because its economy is opening up, but also it has weathered well the impact of the global slowdown and continues to grow. In fact, it is the fastest growing country today after China,” EEPC India Chairman and leader of delegation, Anupam Shah said.
“Unlike the ASEAN region as whole, India’s exports to Vietnam are more than imports and there is a further scope,” said Saran. Indian exports to Vietnam were USD 3.96 billion against imports of USD 2.3 billion in fiscal 2012-13.
Brand India was clearly visible in the INDEE fair, right from the Ho Chi Minh city airport to the venue as EEPC India had plastered banners prominently in the Vietnamese capital, according to Saran.
Besides, the Indian delegation has been interacting aggressively with the local print and electronic media creating awareness about the brand India in the historic city thanks to assistance from India’s Embassy there.
India’s engineering exports, the second largest contributor to the country’s export basket, aggregated to USD 56.7 billion in the fiscal year 2012-13. While these exports have registered a compound average growth of 12.6 per cent in the five period of 2007-08 and 2012-13, the industry came under pressure in the previous financial year because of global slowdown, particularly in the traditional markets of the US and Europe.
Shah is of the opinion that showcasing of Indian auto and other products would help the industry cope up with the decline in the sales of cars, trucks and other vehicles in the domestic market, which has been battling with high cost and high interest rates.
Manufacturers of other engineering items such as electrical transformers are also actively pushing their sales in the overseas markets in the show co-organised by Japanese agency, JETRO.
Besides trade, investments by Indian companies in Vietnam totals about 936 million US Dollars in 86 projects in sectors such as oil and gas exploration, mineral exploration and processing, sugar manufacturing, agrochemicals, IT and agricultural processing, the release said.
Also, India has agreed to consider earmarking USD 100 million under the Buyer's Credit under the National Export Insurance Account (BC-NEIA) for use by Vietnam. In addition, India has extended 17 Letters of Credit totalling USD 164.5 million to Vietnam.
As a strategy towards diversification, the Indian Ministry of Commerce is also helping incentivise exports to Vietnam, a key member of ASEAN which India has implemented the Free Trade Agreement, liberalising trade in an overwhelming number of items, it said.
Meanwhile, EEPC India Chief said that Vietnam has been included as a focus country in the Market-Linked Focus Product Scheme in Foreign Trade Policy of the Commerce Ministry. Exports to Vietnam are eligible for an additional weightage when being granted recognition as an export house, trading house etc. Further, they also count for eligibility for the Incremental Export Incentivisation Scheme.
Bilateral trade in engineering goods in 2012 were worth USD 663.72 million, indicating a share of close to 12 per cent in total two-way merchandise engagement of USD five billion. (KNN/ES)
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