It gives me great pleasure to
be here for the sixth edition of International Engineering Sourcing Show (IESS),
the premier export focused event for India’s engineering sector.
We are thankful to Government
of Tamil Nadu for being the Host State for this year’s event. This is the first
time that the exhibition has been organized outside Mumbai, and reflects the
strength of the state in the engineering sector and the tremendous opportunities
that it provides for industry.
Russian federation is the
Partner Country for this event. We are thankful to Mr Denis Manturov, Hon’ble
Minister of Industry and Trade of the Russian Federation for leading a
high-level 120 member delegation, including dignitaries from various regions of
Minister Manturov and I had a
detailed meeting today morning, where we discussed a host of bilateral issues.
We agreed that there is enormous potential to enhance the bilateral trade which
is presently US$ 6.62 billion. We discussed the International North South
Transport Corridor (INSTC) that would cut the time and cost for transportation
of goods between both countries. We also deliberated upon other measures to
enhance the trade ties, including the proposed FTA between India and the
Eurasian Economic Union, which includes Russia, Belarus, Kazakhstan, Armenia and
Kyrgyzstan. Both countries also noted the need to finalise a revised Bilateral
Investment Treaty. I have also invited Russia to be the ‘Partner Country’ in
India International Jewellery Show 2017 scheduled to be held in July 2017 in
Mumbai and Advantage Healthcare India scheduled to be held in October 2017 in
Delhi / Mumbai.
Department of Commerce is
engaged in a key initiative, with the support of EEPC, for technology
upgradation of our engineering manufacturers for boosting exports. This is being
attempted by bridging the gap between leading R&D Labs and industry for the
development of cutting edge export-oriented technologies. We have identified
important industrial clusters, where we are interacting with stakeholders and
identifying technology gaps which can be filled by our research labs/academic
institutions. The cutting edge technology would then be shared with the industry
to enable them to match the best products in the world.
India's engineering exports are
likely to reach USD 60+ billion in fiscal 2016-17, on the back of revival of
demand in the USA and for select products like iron. For the April-January
period of ten months of the current fiscal, the engineering exports have touched
a figure of USD 50.87 billion, exceeding the total shipments of USD 49 billion
in the entire financial year of 2015-16. For January, 2017 engineering exports
aggregated USD 5.29 billion, showing an increase of over 12 % over the same
month last fiscal.
IESS VI spread over an area of
15000 square metres has come up as a flagship event for engineering sourcing in
India, with the participation of over 400 exhibitors from India and abroad, and
500 foreign delegates. Along with the exhibition, the event includes thematic
sessions and opportunities for bilateral interactions that would provide every
participant an excellent platform for generation of ideas and finalizing
tie-ups, whether for trade or technology. The event is expected to result in
significant business deals for our engineering manufacturers.
I congratulate EEPC India for
organizing the IESS VI and thank the Russian delegation for their strong
participation at the event.