KAMAL NATH CALLS FOR GREATER ECONOMIC ENGAGEMENT BETWEEN INDIA AND ICELAND
Date : 27 Feb 2006
Location : New Delhi
The Union Minister of Commerce & Industry, Shri Kamal Nath today said that in view of the diverse economic strengths of India and Iceland, there is tremendous scope for a mutually beneficial economic and commercial engagement between the two countries. He was addressing the trade delegation from Iceland, led by the Minister of Education, Science & Culture, Republic of Iceland, Ms. Thorgerdur Katrin Gunnarsdottir, here.
Speaking on the occasion, Shri Kamal Nath said that there is an urgent need for the business leaders of the two countries to come closer for greater interaction and business cooperation. “Few people in India realize that Iceland, situated close to the Artic Circle, is a modern and developed country with a high standard of living. Indo-Icelandic bilateral relations have been warm and friendly, but lacking in substantive content. Our trade has been negligible – barely 17 million dollars – completely in contrast to the warm political relationship we enjoy. India can offer top quality products such as readymade garments, cotton made ups and accessories, cotton yarn and fabrics, man-made fibres, drugs & pharmaceuticals, fine chemicals and gems & jewellery, to name a few. India has also emerged as a force to reckon with in the field of information technology, IT-enabled services, pharmaceuticals, research and development, financial and accounting services and health care. We can offer these services to Iceland at competitive rates”, he stressed.
Shri Kamal Nath further said that India and Iceland must also initiate cooperation in some high technology areas that are Iceland’s strength such as earthquake precursor studies, hydrogen energy, advanced fish processing and biotechnology.