Port Wings News Network:
The current export of US$ 17.6 billion does not reflect the true potential of trade between India and Japan, Mr S K Saraf, President, FIEO, has said.
Addressing the session on Trade & Business Opportunities between India and Japan, Mr Saraf said that 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, etc.
It may be noted that FIEO launched India-Japan Business Group, an online platform, to promote interaction between business communities of India and Japan 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 & Japan. The MoU shall pave the way for greater cooperation and interaction between the two premier institutions.
Dr Ajay Sahai, DG & CEO, FIEO, said that Indian exporters should 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%) requires massive improvement as combined imports of these products in Japan is over US$ 250 billion.