Ministry of MSME calls for suggestions on trade with Sweden, Columbia
New Delhi, 21 Oct (KNN) For the bilateral trade meetings between Government officials of India-Sweden and India-Columbia, Ministry of MSME has invited feedback and suggestions from Micro and Small & Medium Enterprises (MSMEs) related to trade and investment.
A range of topics are scheduled to be discussed during the G2G virtual meeting between officials of India and Sweden and Columbia separately.
The Ministry is accepting proposals and agenda items to be taken up during the meeting with the Swedish and Columbian counterpart.
India is Sweden’s 19th largest export market and third largest trade partner after China and Japan in Asia. The main Swedish exports to India are communication equipment, motor vehicles, paper & pulp products, pharmaceuticals, chemicals and engineering products.
The main items of Indian exports are garments, textiles, chemical products, food products, and semi manufactured and manufactured goods.
India – Columbian bilateral trade, on the other hand, is around US2 Bn. Indian exports to Colombia comprise mainly motorcycles in CKD form, vehicles (SUVs, pick-ups, three-wheelers), cotton yarn and woven fabrics of cotton, pharmaceuticals, organic chemicals and iron & steel items.
Indian imports from Colombia include mainly mineral fuel, natural or cultivated pearls, wood & articles of wood, plastic & aluminum, etc.
Several Indian companies have presence in Columbia. Besides all major Indian IT companies (TCS, Tech Mahindra, Mahindra, Infosys, etc ) and Pharmaceuticals giants (IPCA, CIPLA, Aurobindo Pharma, Dr. Reddy´s etc), Columbia has become base for Indian auto majors namely TVS, Bajaj, Hero, Royal Enfield, Sonalika and Mahindra. MSMEs are also part of supply chains especially auto sector.
Bilateral trade meetings, usually held annually between the two countries, are important platforms to bring to notice the senior officials the difficulties being faced by the business community. Such forums are especially important to get the non-tariff barriers removed.