The Hindu Business Line : India to conduct study for ESCAP on strengthening institutions

THE Department of Commerce will get a study done for the UN Economic and Social Commission for Asia and the Pacific (ESCAP) on how to strengthen existing institutions and instruments for long-term infrastructure financing in the region.

The Minister of State for Commerce, Mr Jairam Ramesh, told Business Line that the Research and Information System (RIS) would undertake the proposed study for the Non-Aligned Countries and the Indian Council for International Economic Relations (ICIER). He said this after the visiting ESCAP Executive Secretary, Mr Kim Hak-Su, held an official meeting with him on Friday.

Confirming this study assignment, the RIS Director General, Dr Nagesh Kumar, said as the 60-plus members of the Asian region had vast and unmet infrastructure needs entailing heavy outlays which currently were being availed by members outside the region, the savings that could be achieved by undertaking infrastructure projects among ESCAP members would run into $2.5 trillion. He said this was one of the important planks of robust regional cooperation to larger Asian Economic Community.

Mr Ramesh said India had also offered to intensify cooperation with ESCAP in natural disaster management, besides cooperation in space technology and mapping of natural resources and energy.

The Minister of International Economic Relations, Republic of Serbia, Dr Milan Parivodic, called on Mr Ramesh at his office here. Mr Ramesh said the Government would welcome and encourage participation of Indian companies in the privatisation of tractor and farm equipment manufacturing facilities in Serbia.

Dr Parivodic said his Government has put its tractor and farm equipment manufacturing facility on the block and four Indian companies including TAFE and Mahindra and Mahindra had expressed keen interest.

He said in view of Serbia's trade pact with the 25-member EU, his Government expected keen participation from Indian companies as a gateway to the barrier-free big European market.

An official release issued here said during bilateral discussion, both countries identified chemicals, pharmaceuticals, automobile, particularly automotive components and information technology as the major areas wherein Serbia and India could move forward.