BUDGET 2000
SPECIALS
INTERVIEWS
COMMENTARY
GOVT&ECONOMY
Y2K: BIZ FEATURES
INDIA & THE WTO
CREDIT POLICY
BIZ IN THE USA
CARS & MOBIKES
MANAGEMENT
CASE STUDY
BIZ-QUIZ
USEFUL INFO
ARCHIVES
NEWSLINKS
SEARCH REDIFF

Maran calls for pro-active steps in trade, investment promotion

In a bid to draw up strategies to push up the country's exports, Commerce and Industry Minister Murasoli Maran convened a meeting of India's commercial representatives in West Asia and asked them to take pro-active steps in trade and investment promotion.

''We have pegged the overall export growth rate at 18 per cent for the current financial year and the target for foreign direct investment, or FDI, inflows into the country has been fixed at $ 10 billion per annum,'' Maran said. He was speaking to commercial representatives from Iran, Iraq and the six Gulf Co-operation Council, or GCC, member-states -- Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates.

Among those who attended the meeting were K C Singh, R Dayakar and S J Singh, Indian Ambassadors to UAE, Iraq and Oman respectively, and Asoke Mukerji, Consul General of India in Dubai.

Maran, who was on a stopover in Dubai enroute to Cairo to participate in the G-15 summit, highlighted the bold initiatives taken by the government in the recently announced export-import policy and the policy of liberalisation of foreign investment regime.

He said the policy of special economic zones announced recently was designed to give a big boost to economic activity, particularly exports, by providing trade and industry located in these zones with a hassle-free environment by eliminating red-tape, removing procedural obstacles and giving total operational freedom.

Later talking to reporters, Maran said, "The special economic zones will be like foreign territories, free of inspector raj and red-tapism.'' Imports and exports into and from these zones would be freely allowed and the government was also contemplating 100 per cent FDI in these zones in all sectors, except for a small negative list.

He said the Indian missions in the Gulf would have to adopt new and innovative strategies to exploit the full potential of India's trade and investment cooperation with the region.

On the G-15 summit, Maran expressed hope that the countries of the south would be able to reach unanimity on various important issues, like core labour standards.

He regretted that member-countries had failed to reach unanimity at the last meeting of G-15 in Seattle. ''We don't want another Seattle to happen. We hope the countries of the south are united and reach a consensus on important issues."

UNI

Business