Posted: Wed Jan 18, 2006 10:49 am Post subject: India's global trade to touch $500 bn
Quote:
India's global trade engagements will reach $500 billion in the next three years, up from the current figure of $350 billion, Commerce and Industry Minister Kamal Nath said here Wednesday.
"Regional trade agreements will contribute substantially to India's enhanced trade engagements," Kamal Nath told the Partnership Summit organised by the Confederation of Indian Industry (CII).
"India has also formed a joint study group with Japan to exploit the scope of trade agreements with that country and we are scouting for opportunities in the European Union."
Kamal Nath said there would be a spate of foreign direct investments after the central government notified the Special Economic Zone (SEZ) Act passed by parliament recently.
He said investors were willing to set up product specific SEZs in industries like IT, gems and jewellery, and textiles.
"We will attract investment up to Rs.20,000 crores (Rs.200 billion) in various sectors once this act is notified," he said. "More than 70 new product-specific SEZs will come up."
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