Move to value added exports
The current export of US$17.6 billion does not reflect the true potential of trade between India and Japan which has untapped potential worth more than US$3 billion, said the President of Federation of Indian Export Organizations (FIEO).
The untapped export potential for Japan is more than US$3 billion in sectors such as pharmaceuticals, gems & jewellery, marine products, rice, bovine meat, knitted t-shirts, ferro silicon, aluminium among others, said Sharad Kumar Saraf.
He was speaking at the launch of India-Japan Business Group, an online platform, to promote interaction between Indian and Japanese business communities for promoting exports, imports and investment between the two countries.
FIEO also signed an MoU with Japan-India Industry Promotion Association (JIIPA), a Tokyo based NPO affiliated to Tokyo Metropolitan Government, to promote trade between India and Japan.
The MoU shall pave the way for greater cooperation and interaction between the two premier institutions, said FIEO on 18 Oct 2019.
FIOE DG and CEO Dr Ajay Sahai has also called on Indian exporters to look into value added segment of exports which account for major imports into Japan.
In many of the products, the share of India is extremely low. India’s share in electric and electronic components (0.09%), machinery (0.36%), pharmaceutical (0.24%) and medical & surgical equipment (0.38%). These require massive improvement as combined imports of these products in Japan is over US$250 billion, he pointed out. fiinews.com
