** Sagar Sandesh is now published as BI Weekly E-paper and is being released on Every Monday and Thursday**

Pumps and valves sector offers huge bilateral trade opportunity between India and Russia says the Engineering Export Promotion Council of India

The Engineering Export Promotion council has identified the Pumps and Valves sector which currently enjoys export earnings of 3 billion US dollars as the one which offers huge bilateral trade and business opportunity between India and the Russian federation.

With a total exports value of over 3 billion US dollars and clocking an annual growth of 10-12 per cent, the pumps and valves sector offers huge bilateral trade and business opportunities between India and Russia, said EEPC India Chairman Mr Mahesh Desai.

Russia has been a time-tested partner for India.

Speaking at the Indo-Russia Partnership Summit on Pumps and Valves, Mr Desai noted that Russia has been a long-standing and time-tested partner for India.

"Pumps & valves segment contributes significantly to the growth of Indian economy. They have proved highly critical in productivity of the core sectors of the economy," said EEPC Chairman.

India has over 800 pump manufacturers supplying a range of pumps, compressors, pipes and other related items to clients across various sectors such as oil & gas, power and irrigation. India contributes about 1.5 per cent to the global trade of pumps and valves. Indian manufacturing capabilities in the pumps and valves sector has greater potential to grow in the global trade environment.

As India and Russia have called for boosting trade and investment between the two countries, bilateral trade is set to grow substantially in coming years.

The two countries have revised bilateral investment targets to  50 billion US dollars and bilateral trade to  30 billion US dollars by 2025. Bilateral trade amounted to  11.16 billion US Dollars in 2019 wherein Indian exports were 3.92 billion US dollars and Russian exports were of the order of 7.24 billion US dollars.

Indian Embassy in Moscow to find suitable Russian technologies and partners for Indian firms

Speaking at the virtual Summit, Dr. Aseem Vohra, First Secretary, Economic & Commercial Wing, Indian Embassy in Moscow assured Indian firms of all possible support in finding suitable Russian technologies and  partners.

Major items of export from India  to Russia  include electrical machinery, pharmaceuticals, organic chemicals, iron & steel, apparels, tea, coffee, vehicle spare parts. Major items of imports include defense equipment, mineral resources, precious stones and metals, nuclear power equipment, fertilizers, electrical machinery, articles of steel and inorganic chemicals.

India Pumps and Valves Expo 2021 organized by EEPC aims to provide a forum for the Indian manufacturers to meet, interact and promote their products in a global forum and also to provide a vent for overseas buyers to contact with their Indian counterparts.

EEPC India encourages MSMEs to integrate their business with the global value chain

EEPC India facilitates sourcing from India and encourages MSMEs to raise their standard at par with international best practices. It also encourages MSMEs to integrate their business with the global value chain," said EEPC India Chairman Mr Desai.
Disclaimer
Copyright © 2020 PORT TO PORT - Shipping Services Portal ( Sagar Sandesh ). All rights reserved.

Follow Us