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150 Indian cos to participate in EEPC product exposition

Our Bureau

KOLKATA, July 12

THE export of Indian engineering products to Latin America is expected to touch Rs 2,500 crores by fiscal 2004-2005, up from Rs 912.59 crores in 2000-2001, according to Mr M.C. Shah, Former Chairman of the Engineering Export Promotion Council (EEPC). In 1999-2000, the figure stood at Rs 558.44 crore.

At an interface with newspersons here today, Mr Shah said as part of its efforts to facilitate increased export of engineering goods to Latin America, EEPC had organised INDIATECH 2001, an Indian engineering exhibition to be held in Caracas, Venezuela, b etween July 18 and 21. About 150 Indian companies would participate in the exhibition, which is expected to provide a boost to bilateral trade between India and Latin American countries in general and India and Venezuela in particular.

Mr Shah said Indian engineering exports to Venezuela stood at Rs 47 crores in 2000-2001, a 64 per cent rise from Rs 28.66 crores the previous year. By 2004-2005, engineering exports to Venezuela was expected to surpass Rs 250 crores.

He said the Union Ministry of Commerce & Industry had embarked upon a `Focus LAC Programme' targeted at enhancing trade relations between India and Latin American countries. EEPC, too, had identified Latin America as a region that offered great potential for export of Indian engineering products. Companies participating in INDIATECH 2001 would showcase their offerings at the exhibition.

Besides small, medium and large engineering companies, seven R&D institutes and three IT companies were participating in the exhibition. Participating engineering companies include those engaged in the manufacture of automotive spares, agricultural imple ments, bicycle & bicycle parts, stainless steel utensils, fastners, pumps, capital goods, light industrial machinery and components. Besides showcasing their capabilities, the participating companies would also explore possibilities of forming joint vent ures and signing technology transfer agreements. Opportunities for exports to third countries in the region would also be scouted.

The former EEPC chief informed that all participants would be offered financial help from the Central Government's Market Development Assistance scheme. In addition, SSIs would get assistance from Small Industries Development Bank of India to the extent that would together cover up to around 75 per cent of the total expenses incurred by them in participating in INDIATECH 2001. He said the exhibition provided a ``great opportunity for Indian engineering companies''.