The Hindu Business Line : `Need to widen trade basket with Far East Asia'

COMMERCIAL representatives of Indian missions in the Far East Asia on Friday called upon the Indian industry to increase the volume of trade from the present levels of $20 million by widening the commodity trade basket.

Representatives from China, Japan, Hong Kong, and Mongolia said this while meeting the Indian industry representatives, at a conference organised by the Confederation of Indian Industry.

Mr Vinay Kwatra, Counsellor, Embassy of India in Beijing, said that for Indian industry to penetrate the Chinese market, it was important to adopt a different approach for each sector.

He also called upon industry to increase visibility in the Chinese market, through participation in sector-specific exhibitions, according to a CII statement.

Mr Kwatra referred to the export strategy developed in December last year, by the Indian Embassy, in which a large number of items were identified for exports to China.

"A more elaborate process is currently on in the joint study group to identify Indian products for exports to the Chinese market based on the study of complementarities of the two economies," he added.

Mr Anup K. Thakur, Minister, Embassy of India in Tokyo, pointed out that Japan, which used to be the third or fourth largest trading partner of India, had slipped to 8th or 9th position, even though India's trade levels with all countries had grown impressively.

India should make efforts at diversifying its export basket, he said, with opportunities in agriculture sector, where a concerted effort to overcome non-tariff barriers need to be made.

Mr B.K. Gupta, Consulate General in Hong Kong, said that in 2003, India-Hong Kong bilateral trade had reached $5.07 billion, a growth rate of 28.9 per cent. Indian exports reached $3.17 billion witnessing a positive growth rate of 27.2 per cent, CII said.

He identified tourism, especially heritage tourism, and Indian cinema as two potential areas of cooperation between India and Hong Kong.

Mr G.S. Gupta, Ambassador, Embassy of India in Mongolia, said IT and food and dairy processing are the two potential areas for the Indian industry in Mongolia.

Earlier, Mr Sunil Kant Munjal, President, CII, in his welcome remarks, said that India's strengths in software and process development could be effectively combined with the Far East Asia's strengths in hardware, product development and marketing.