Patel inaugurated “India-ASEAN Engineering Partnership Summit”
Indian exports to the Association of South East Asian Nations (ASEAN) is expected to be US$46 billion in 2021-22, making the region one of the largest destinations for Indian origin products.
Giving this estimates, Minister of State for Commerce and Industry Anupriya Patel expects US$16 billion worth of Indian engineering product exports to ASEAN in 2021-22, 15% of the total Indian engineering shipments. Singapore and Malaysia are the main destinations for the Indian engineering exports.
Patel highlighted the export potential to the region at the virtually “India-ASEAN Engineering Partnership Summit” on 24 Aug 2021.
ASEAN as a region is the third largest export destination of Indian engineering products after the European Union and North America, he added.
Patel noted that both India and ASEAN have large share of skilled population, robust service and manufacturing sectors while there are many complementary sectors and products available for greater cooperation.
“With a combined economy of approx. US$5.8 trillion, there is significant potential for enhancing trade and investment partnership between India and ASEAN,” said Patel at the summit organised by Engineering Exports Promotion Council (EEPC) with the support from Ministry of External Affairs and Department of Commerce.
The summit is focused on collaborations in engineering sector and is an important platform for engagement of Indian industry on India-ASEAN partnership in engineering trade and investments.
Over 300 Indian delegates joined their ASEAN counterparts at the four-day India-ASEAN Engineering Partnership Summit which had B2B meetings, interactions, integration of MSMEs into the regional value chain and Industry 4.0.
The Government of Tamil Nadu joined the event as “Partner State” while Government of Haryana was “Focus State”.
This year is special for both partners as it marks the 25th anniversary of India-ASEAN dialogue partnership and 10 years of the Strategic Partnership.
An E-Book on India-ASEAN trade and investment, emphasizing engineering and MSME sectors, was also launched during the inaugural session. The book covers several important aspects of enhancing bilateral trade and investment and also provides exhaustive information on India and ten ASEAN nations. #exports #manufacturing #banking #engineering /fiinews.com
