NEW DELHI: The Federation of Indian Export Organisations (FIEO) has said that Indian exporters should export value added products to Japan in order to utilise the full potential of the East Asian country.
“The current export does not reflect the true potential of trade between India and Japan. The untapped export potential for Japan is more than $3 billion in sectors such as pharmaceuticals, gems & jewellery, marine products, rice, bovine meat, knitted t-shirts, ferro silicon, aluminium,” said S K Saraf, President, FIEO addressing a session on Trade & Business Opportunities between India and Japan on Friday.
FIEO said that Indian exporters should look into value added segment of exports which account for major imports into Japan. In many of the products, the share of India is extremely low.
India’s share in electric and electronic components (0.09%), machinery (0.36%), pharmaceutical (0.24%) and medical & surgical equipment (0.38%) requires massive improvement as combined imports of these products in Japan is over $250 billion, according to FIEO director general and CEO Ajay Sahai.
The apex exporters body has launched the India-Japan Business Group, an online platform, to promote interaction between business communities of India and Japan for promoting exports, imports and investment between the two countries.
FIEO also signed an MoU with Japan-India Industry Promotion Association (JIIPA), a Tokyo based NPO affiliated to Tokyo Metropolitan Government, to promote trade between India and Japan.
“The MoU will pave the way for greater cooperation and interaction between the two premier institutions,” it said in a statement.
Source: economictimes.indiatimes.com