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INDIA TAKES UP CAUSE OF BHEL CMC WITH SYRIAN GOVERNMENT UPGRADATION OF INDIA SYRIA JTC TO JCM FOR IMPROVED ECONOMIC COOPERATION KAMAL NATH

Date : 18 Jan 2008
Location : New Delhi
 

India has taken up the cause of Indian companies with Syrian government in clinching more and more contracts for Bharat Heavy Electricals Limited (BHEL) which is keen to be associated with Syrian power sector and Computer Maintenance Corporation (CMC) which is facing difficulties in finalisation of contracts for the automation of the railways in Syria. Expressing satisfaction that the Indo-Syrian Joint Trade Committee (JTC) has been upgraded to India-Syria Joint Commission, Shri Kamal Nath, Minister of Commerce and Industry, mentioned about the prospects for Indian investments in rock phosphates and fertilisers, cement, power sector, IT, education, agro-industries in Syria. This was discussed during the first session of the India-Syria JCM held here during 15-17 January, 2008 where Mr. Abdullah Dardari, Deputy Prime Minister for Economic Affairs of the Syrian Arab Republic was also present. The Indian side offered to participate in the industrial development of Syria in the form of investments, joint ventures, modernisation of existing industries and supply of machinery, management expertise, technical know-how and technology services for industries. The session was also attended by Dr. Ghias Barakat, Minister of Higher Education; Dr. Ahmed Khaled Al-Ali, Minister of Electricity; and Dr. Tayseer Suleiman Ridawi, Head of State Planning Commission of the Syrian Arab Republic.

Drawing attention to the allotment of US $ 25 million credit line from India for upgradation and expansion of the GECO Steel in Syria, Shri Kamal Nath encouraged the Syrian side to send a delegation to India for study and exploring the possibilities of cooperation in chemical sector. The Minister appreciated the Syrian effort in developing special industrial zones with attractive incentives for investment in industries as part of its economic reforms and modernisation in Syria.

During 2006-07, India-Syria bilateral trade grew by 78.86% from US $ 272.8 million in 2005-06 to US $ 487.94 million in 2006-07. India’s exports to Syria during 2006-07 amounted to US $ 408.39 million as against exports of US $ 276.67 million during last year showing a growth of 47.61%. Imports from Syria during this period amounted to US $ 79.55 million (inclusive of import of petroleum products of US $ 67.49 million).

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