Union Minister for Commerce & Industry and Textiles, Anand Sharma addressing at the foundation stone laying ceremony for the Green Building Complex of ECGC in Mumbai on March 14.
Commerce and Industries Minister Anand Sharma Thursday said, to meet the set target for engineering exports, India needs to identify new countries along with strengthening its base in key markets of the US and Europe.
"The Ministry has set a target of USD 125 billion by 2013-14 for engineering goods export. We believe our efforts in identifying new countries to partner with for engineering sector along with strengthening our base in US and Europe will help boost Indian engineering export," he said in Mumbai after inaugurating India Engineering Sourcing Show (IESS) in the presence of Martin Kuba, Minister for Trade & Industry, Czech Republic.
Acknowledging the Czech expertise in the field of engineering sector, especially automotives, Sharma said, "We have designated Czech Republic as part of our Market Linked Focus Product Scheme MLFPS for incentivising our engineering goods export. Czech has reciprocated by identifying India as one of the top 12 countries for future collaborations as part of their Trade Policy."
Emphasising the role played by the engineering industry, the Commerce & Industry Minister said it represents 27 percent of total factories in industrial sector and accounts for 63 percent of overall foreign collaborations.
Quoting the World Bank study "Unleashing India's Innovations", Sharma said India is fast gaining global recognition especially for its low-cost, high-tech frugal innovation technology.
He said major multinationals are today outsourcing industrial engineering design tasks to India in sectors like semiconductors, automotive hybrid technologies, next gen routers in telecom, power generation equipments, aerospace, avionics and consumer electronics, besides setting up R&D centres in India.
The India Engineering Sourcing Show 2013 is focused on promoting collaborative opportunities in India, as a technology hub for manufacturing Industry.
304 Indian and 101 international companies are exhibiting their products and services in the three day show being held at the Bombay Exhibition Centre, Goregaon, Mumbai.
Czech Republic is the partner country, with a major presence, while France, Thailand and Japan have put up separate country pavilions.
Later in the afternoon, Sharma laid the foundation stone for the new campus of the Export Credit Guarantee Corporation, ECGC at Andheri, Mumbai.