Multi-pronged business delegation to travel to Syria & Lebanon with MEA; FISME sees big opportunities for Indian MSMEs
New Delhi, Aug 7 (KNN) The Minister of External Affairs Sushma Swaraj will be travelling with a multi-product business delegation to Syria and Lebanon in September. Hailing the initiative, industry body FISME said this would be a good opportunity for Indian MSMEs to explore the markets there which are in need of consumer goods to meet their daily requirements.
Keeping in view that India has been extending continuous support to Syria, the country has allowed tax relaxations and special provisions for Indian companies willing to participate in the 70th Damascus International Trade Fair that starts on 6 September.
Sushma Swaraj is likely to attend the trade fair. The Ministry of External Affairs is in talks with industry associations to take a multi-pronged business delegation to participate in the Joint Business Commission meeting coinciding with the trade fair.
Talking to KNN India, Pankaj Bansal-an experienced exporter to the region and also Treasurer of Federation of Indian Micro and Small & Medium Enterprises (FISME) said, "the initiative of Ministry of External Affairs (MEA) to mount a multi product delegation to Syria and Lebanon from 7th to 14th September 2018 is laudable. MSMEs would be happy to take advantage of these neglected but high potential markets for our produce.”
“It can be a win-win situation for both India and Syria with Indian MSMEs exploring business opportunities there. Syrians would get the low cost day to day need items ranging from medicines to footwear to clothes to food items and Indian MSMEs will get good business opportunities there’, he added.
Some of potential sectors as identified for Syria are Electricity Generation & Transmission Equipment; Pharmaceutical Industry (Raw Materials & Manufacturing equipment); Cotton textile & Yarns; Information Technology & Educational; Heavy Machinery; Automobiles components & Agricultural Equipment; Minerals & Mines (including Petroleum & Natural Gas) and Renewable Energy (Solar/Wind) etc.
The delegation will explore business opportunities for Indian Companies in Lebanon also.
In an effort to promote Indian companies to invest in Syria, the Embassy of Syria here has also requested the Indian government to re-start Syrian Airlines and open a branch of the Central Bank of Syria, in India’s capital. Before the civil war in Syria started in 2011, Syrian Airlines used to have direct flights from New Delhi to Damascus thrice a week. The embassy intends to re-start it to boost trade ties.
In present scenario Lebanon is playing a vital role in rejuvenating the economy of its neighbouring nations like Syria, Iraq etc. by giving access of its banking system. Total volume of trade between India and Lebanon during 2017-2018 was USD 295.57 million, with Indian exports to Lebanon at USD 257.10 million.
Some of potential sectors as identified for Lebanon are Infrastructure (roads, airports, power, telecom etc.); Minerals & Mines (including Petroleum & Natural Gas) and Renewable Energy (Solar/Wind); Capital Goods & Equipment; Electrical Instruments; Automobiles components & Agricultural Equipment; Pharmaceuticals (including traditional system of Indian medicine); Chemicals & Allied Products; Plastic products; Agricultural logistics; Food Processing etc.; Textiles; Leather; Fashion Wear; Gems; Furniture; Tourism and Hospitality etc. (KNN Bureau)