IRISH TRADE MINISTER MEETS KAMAL NATH
Date : 05 Feb 2008
Location : New Delhi
Shri Kamal Nath, Union Minister of Commerce and Industry, has stressed upon increasing the business-to-business relations between India and Ireland at a higher levels. Supporting the promotion of bilateral trade and investment opportunities between the two countries, Shri Kamal Nath emphasized on cooperation between small and medium enterprises of both the countries. This was stated by Shri Kamal Nath when Mr. Nigel Dodds, Trade Minister of Northern Ireland, called on him here today. Both the countries expressed their keenness to cooperate on all matters of mutual interest. The bilateral trade between India and the UK during 2006-07 was US $ 9.7 billion (exports – US $ 5.5 billion and imports – US $ 4.1 billion).
The major item of exports to UK include petroleum (crude & products), RMG cotton including accessories, machinery & instruments, manufactures of metals and gems & jewellery. The major item of imports from the UK include pearls, precious& semi-precious stones, machinery (except electric and electronic), gold, metalifers ores & metal scraps and transport equipments.
As regards the foreign direct investment (FDI), approvals were to the tune of US $ 6.94 billion and inflows were US $ 4.06 billion. Top sectors attracting FDI from UK was fuels (power & oil refining), telecommunications, chemicals (other than fertilizers) and services sector (financial and on-financial)