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Our Bureau

New Delhi, March 22 In order to increase their share of export earning and volume of leather products, India and Ethiopia have signed a memorandum of understanding during the fourth CII-Exim Bank conclave on India-Africa project partnership.

This would also allow domestic leather manufacturers access raw leather from Ethiopia, which offers duty free incentives for foreign investors, tax holidays of two to eight years depending on the area of interest and volume of export.

Mr Shyamal Gupta, Chairman, CII and a member of the national committee on leather & leather products, said the leather sector being labour intensive is strategic with a high scope for employment generation. At present, 2.4 million people in the country are engaged in the leather sector.

He said, “For Ethiopia also, it is a much needed agreement as for a long it has been a raw leather exporting country which gives a very low percentage value to leather. Such kind of hindrances have been faced by many African countries. India can play a support role in capacity buildings, research and development and making African goods globally more valued and accepted.”

Mr G.K. Pillai, Commerce Secretary, expressed the need to build trade relations between developing countries in the scenario of dominance of world economy by the developed countries.

“Developed countries induced developing countries to produce export goods where the products are always valued grossly low. All African countries need to think immediately and should build their trade relations more and more with countries like India. Joint venture and investments in leather sector must help the locals of Ethiopia for their betterment,” he said.

More Stories on : Foreign Trade | Leather

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