OVER 32% INCREASE IN INDIA’S EXPORTS TO CZECH REPUBLIC
CZECH MINISTER MEETS COMMERCE SECRETARY
Date : 06 Feb 2003
Location : New Delhi
India’s exports to the Czech Republic are estimated to have grown by over 32.66% during the current financial year 2002-03 (April-October), having increased to US $ 31.14 million from US $ 23.48 million in 2001-02. This was indicated by Shri Dipak Chatterjee, Commerce Secretary, here today at a meeting with Mr. Jiri Rusnok, the Czech Minister for Industry & Trade. Noting that there is a large scope for diversifying Indian exports to the Czech Republic particularly in the non-traditional and emerging or niche product group sectors, both sides agreed to deepen cooperation in the areas of drugs & pharmaceuticals and heavy engineering technology to increase the current level of bilateral trade.
During the meeting, Shri Chatterjee pointed out that India had core competence in drugs & pharmaceuticals sector and urged the visiting Minister to take advantage of it. He also stressed that many Indian companies like Ranbaxy, Cipla and Himalaya Drugs had made good beginning in this regard.
Of the 12 East European countries, the Czech Republic ranks second in bilateral trade relations with India in terms of country-wise destination of the total trade turnover. The Czech Republic will be a member of the European Union (EU) by the year 2004. Imports from the Czech Republic are also showing an increasing trend during the first 7 months of 2002-03, although the current level of two way trade is way below the potential.
Mr. Rusnok is visiting India at the invitation of the Minister of Heavy Industries & Public Enterprises at the head of the Czech official and business delegation. The Czech delegation is visiting India to participate in the India Engineering Trade Fair (IETF) which is being organised by the Confederation of Indian Industry (CII) at Pragati Maidan from 5th to 8th February, 2003. During the meeting with the Commerce Secretary, Mr. Rusnok was accompanied by the Czech business and industry representatives.