Engineering firms from SAARC regions look at India for sourcing requirements
KOLKATA: Engineering firms from the SAARC regions like Bangladesh and Sri Lanka increasingly look at India for meeting their sourcing requirements in a well diversified product suite including those relating to high technology areas like aircraft parts, automobile and energy saving devices.
Of the total of 358 companies participating in the ongoing India Engineering Sourcing Show (IESS), the flagship event of the EEPC India and the commerce ministry being held in Mumbai from November 24 and 26, well over a third are from the SAARC (South Asia Association for Regional Cooperation ) , mainly Bangladesh, Sri Lanka and Nepal.Among them, a maximum of Bangladesh (71) and Sri Lanka (55) are scouting for Indian engineering products with a total of 127 firms from SAARC.
“In the recent past, our neighbours have become a major market for the Indian engineering products, even though a lot more catching up is required to get a quantum jump in volume and value. In fact, before the onset of the slowdown and disastrous earthquake in Nepal, there was quite a jump in engineering exports to these countries,” chairman of the EEPC India Mr T S Bhasin said.
Europe is another region that is sourcing widely from India for the engineering products. As many as 54 European firms, with a strong presence from UK (15) and Germany are building their networking with Indian counterparts at the IESS. The other major sourcing destinations for India are Africa (67), ASEAN and CIS with 41 each.
“Though the US and Europe remain the top two markets for the Indian engineering exports which were around USD 70 billion in the previous fiscal, Africa, ASEAN and South Asia hold a lot of promise for the future once there is a turnaround in the economic cycle. We are even focusing on Latin America , though distance is far,” the EEPC Chairman said. As many as 17 engineering firms are participating in the flagship event from Latin America and Carribean.
Read full article: Economic Times
Prime Minister Narendra Modi on Saturday addressed the ASEAN business summit in Kuala Lumpur and said the "21st century belongs Read more
KUALA LUMPUR: With slew of measures putting back the economy on track, Prime Minister Narendra Modi on Saturday said reforms Read more
India and Malaysia will deepen cooperation in security and defence, Prime Minister Narendra Modi said today as he emphasised that Read more
Kolkata: Extending her support to Bollywood star Aamir Khan by saying that it is his democratic right to say what Read more
