EEPC focusses on African countries to offset slowdown
concerned over a sharp year-on-year fall of 9.25 per cent in engineering exports in June, despite rupee depreciation around the same ratio in the last two months, the EEPC India with support of the Commerce & External Affairs Ministries has decided to explore new markets in the African continent.
In the second Interactive Round Table with over 30 diplomats of key African countries, senior Commerce Ministry officials including DS Dhesi, Additional Secretary and Ravi Capoor, Joint Secretary–Ministry of Commerce; Ravi Bangar, Joint Secretary, MEA and EEPC office bearers recently held a business
session on ways to increase India’s trade with Africa, particularly in engineering products. Speaking at the meet, Dhesi stressed on greater importance to the share of India’s engineering exports to African continent to arrest decline in India’s overall trade.
According to Aman Chadha, Chairman, EEPC, several segments of the sector are facing huge challenges. “Heavy weight engineering segments seem to be facing considerable decline in demand in external markets and there is, so far, no visible impact of the currency depreciation on our exports,” he said. Important engineering export segments like iron and steel, products of iron and steel, copper and copper products, motor vehicles and aircraft, spacecraft and parts have witnessed sharp decline in exports. “While the overall trade with Africa is much below potential, India and Africa can help each other tide over the impact of global slowdown,” he maintained.