FIEO signs MoU to explore LAC, Caribbean export opportunities

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SME Times News Bureau | 02 Nov, 2017
Indian exporters' body Federation of Indian Export Organization (FIEO) has signed MoUs with three trade bodies from LAC and Caribbean countries, seeking export opportunities in these countries.

Briefing media, FIE President Ganesh Kumar Gupta said that the business delegation of FIEO, led by the Honble Commerce and Industry Minister Suresh Prabhu, had wide ranging discussions with their counterpart companies in Cuba and Panama to open vistas of opportunities not only in the two nations but in the entire LAC and Caribbean countries.

"To supplement these initiative FIEO signed MoUs with Cuba Chamber of Commerce; George Town Chamber of Commerce, Guyana and Barbados Chamber of Commerce," he added.

Prabhu, speaking on the occasion said, "It is old saying that marriages (which is a contract) are made in heaven, I would say marriages are made in Havana, which is also heaven."

It can be seen from the MoUs signed by FIEO opening new areas of cooperation between India and Caribbean countries, the minister added.

FIEO DG & CEO Ajay Sahai said that India's exports to Cuba and Panama are on decline from last two years and India's share both in Cuba's and Panama's imports is 0.6 percent only.

India needs to re-look at its exports profile so as to diversify it with import profile of these nations and possibly of the LAC.