Huge opportunities for Indian Companies to venture out into the global markets

Jun 03, 2016 13:45 | Chandigarh
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CII hosts High Commissioner of India to Australia and Ambassador of India to European Union, Belgium and Luxembourg 

  

Chandigarh, June 3, 2016 (kulbir singh kalsi):- Indian industry must meet world quality standards and imbibe international societal values to compete in the world market, Heads of Indian Missions to Australia, European Union, Belgium and Luxembourg said at an interactive session organised by Confederation of Indian Industry here today.

 

Mr Anirudh Tewari, Principal Secretary, Industries & Commerce and New & Renewable Energy, Government of Punjab and CEO, Punjab Bureau of Investment Promotion, said that in most of the cases, investors who approach State Government look for local partner.  This creates a win-win scenario, bringing investment into the State at the same time providing business opportunities for local industry.  The Department of Industries & Commerce, Government of Punjab, is associated with Invest North, a flagship event of CII, which focusses on promoting and facilitating investment inflow into northern region of the country.  Government of Punjab is committed to promote bi-lateral trade and investment, he added.

 

Mr Navdeep Singh Suri, High Commissioner of India to Australia, said, “Australia is the world’s 12th largest economy at 12 trillion dollars and can be called “Lucky Economy’ as it has avoided recession for the last 26 years.  The Austrailan economy is Service sector based economy. 

 

While India is the fastest growing economy in the world and Australia is a developed nation, do not reflect the trade potential of bi-lateral trade between the two countries.  Of the 15 billion dollar two-way trade, Australia exports primary products worth 11 billion dollars while India exports 4 billion dollar worth of manufactured products such as pharma, machines, auto-components, etc. He suggested that Indian companies can now focus on service trade.

 

Skill development, vocational training, water management, conservation techniques, food processing and packaging etc. are the sectors that Indian companies can leverage on in Australia. Since auto giants like General Motors and Toyota are moving out of Australia, the auto component industry in Australia is struggling to survive. In this scenario, Indian companies can tap the technological advancement of Australia.

 

He also said India could look at Australian portfolio investments for large infrastructure projects both greenfield and brownfield. Indian companies could also look at technology developed by Australian research agencies.  For instance, Australian institute at Queensland has developed drought-resistant lentils and chickpea variety which could be of great use in drought affected areas of Maharashtra.

 

Mr Manjeev Singh Puri, Ambassador India to EU, Belgium & Luxembourg, said, “European Union is the largest economy with biggest FDI and FII inflow into India”

 

To continue taking advantage of the trade relations between EU and India “Indian companies must focus on meeting international quality standards to compete in world market”. He urged companies to focus on improving quality of rice (Basmati), vegetables and milk products, which are large in demand. He said that 20% of India’s exports to EU is rice. however, Indian companies should not be complacent about quality.

 

He further added that Indian companies must imbibe societal values of EU such as labour standards, human rights practices etc.  Protectionist approach to business will not serve us for long.