CIS countries huge reservoir of export opportunities: Experts

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SME Times News Bureau | 06 Sep, 2012
The Commonwealth of Independent States (CIS) offer huge market opportunities to the Indian export sector, viewed experts at an interactive session held between Indian exporters' body FIEO and ambassadors and senior diplomats of the member states.

"Pharmaceuticals, Drugs, Engineering goods, Petroleum Products, Wood and Furniture products, IT & ITES services , will play a key role to strengthen trade between India and CIS," said FIEO Director General & CEO, Ajay Sahai.

India-CIS two way trade is expected to touch USD 30 billion by 2020 from USD 12 billion in 2011-12, and to achieve the trade target, Indian exporters should take advantage of the focus market schemes under which 4% additional benefits are given to seven countries and 3% additional benefits to nine countries in the CIS region, the FIEO chief added.

Speaking at the event, Ajay Bisaria, Joint Secretary, Ministry of External Affairs, said that there is a need to look at Eurasia as the next front for our trade growth. He also pointed out issues relating to connectivity, visa regime, etc. which needs to be looked to further improve the trade ties between India and CIS Countries.

He also added that Indian exporters should take benefit of the North-South corridor by sending their consignments by Bandar Abbas Port which will cut the cost by more than 40%. He said that Ministry has taken number of steps at the Governmental level to ensure that connectivity improves and as such more than 14 flights are operational every week between India and CIS.

With regard to visa, Bisaria said that Government has worked out a plan with Russian Government wherein the recommendation with the apex chambers would be considered while granting business visas to Indian exporters.

"Similarly, with other CIS countries the same proposal is being worked out so that Indian businessmen can undertake projects smoothly in this potential region," he added.

Expressing her opinion, Irina A Orolbaeva, Ambassador Embassy of Kyrgyzstan & Dean of CIS & Eurasia informed that CIS countries should be taken as a potential market by Indian exporters as most of the countries like France, Italy, China etc have already invested in the areas of construction, infrastructure and setting up the units in their economic zones for taking tax benefits.

She also strongly recommended that Banking channels between India and some of the CIS countries needs to further strengthened for smooth flow of trade.

The Dean further assured that investments from Indian businessmen will be a welcome step and asserted with all assistance and support in setting up their units in Kyrgyzstan. "With regard to repatriation of business proceeds, Diplomats from Kyrgyzstan, Belarus, Turkmenistan had assured that Indian exporters will face no problem and repatriation will be done as per law," she said.