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Wednesday, Jan 08, 2003

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Czechoslovakia keen to expand trade contacts

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THE Deputy Minister for Industry and Trade of Czechoslovakia, Mr Miroslav Somol, has called for greater efforts to explore and grow the trade potential between the two countries.

Addressing a meeting organised by the Confederation of Indian Industry (CII), Mr Somol underlined the key bilateral projects between the two countries and added that the trade turnover had registered a considerable rise during the last 10 years. The trade turnover stood at $153 million during 2001 while it rose to $230 million during the first 10 months of 2002.

The Minister added that in the recent past the Czech Republic had forged a joint venture in Hosur, for the manufacture of trucks for the Army. Indian companies including BHEL, Texaco, L&T and EIL, also own business stakes in Czechoslovakia.

The visiting dignitary highlighted the dynamic growth of economic cooperation, but added that the economic-commercial cooperation levels did not correspond to the potential and existing possibilities.

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