India's exports to ASEAN estimated at USD 46 billion in FY22: MoS Anupriya Patel

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Union Minister Anupriya Patel at inaugration session of
Union Minister Anupriya Patel at inaugration session of

New Delhi [India], August 25 (ANI): Union Minister of State for Commerce and Industry Anupriya Patel on Monday said that India is expected to export USD 46 billion to ASEAN in the financial year 2022.

Patel on Monday inaugurated the "India-ASEAN Engineering Partnership Summit" organised by the Engineering Exports Promotion Council (EEPC) with support from the Ministry of External Affairs and the Department of Commerce.

While addressing the inaugural session, Patel said: "As one of the largest destinations for Indian exports, ASEAN will be an important region for India with an export target of USD 46 billion in meeting the global export target of USD 400 billion in the financial year 2021-22."

"Both India and ASEAN have large share of skilled population, robust service and manufacturing sectors and there are many complementary sectors and products available for greater cooperation. With a combined economy of approx. USD 5.8 trillion, there is significant potential for enhancing trade and investment partnership between India and ASEAN."

Patel further said that Prime Minister Narendra Modi has set a target of USD 400 billion of merchandise exports for fiscal 2021-22 and also envisioned a roadmap to achieve this milestone.

"As a part of the Atmanirbhar Bharat Abhiyaan, the Central government has recently approved the Production-Linked Incentive (PLI) Scheme worth USD 26 billion covering 13 sectors, including electronics, pharmaceuticals, solar modules, speciality steel, automobiles, and medical devices for attracting investment and enhancing India's manufacturing capabilities," she said.

Supported by the Ministry of Commerce and Industry and Ministry of External Affairs, the four-day India-ASEAN Engineering Partnership Summit is expected to see the participation of over 300 delegates from the Indian industry. A sizable number of delegates from ASEAN countries will also join the summit. The summit will also cover B2B meetings and interactions. The thematic sessions will cover a range of topics including country sessions, and emerging areas of cooperation like Industry 4.0, integration of MSME in the regional value chain. The Government of Tamil Nadu joined the event as "Partner State" while the Government of Haryana as the "Focus State".

This year is special for both partners as it marks the 25thanniversary of the India-ASEAN dialogue partnership and 10 years of the Strategic Partnership.

An E-Book on India-ASEAN trade and investment emphasizing the engineering and MSME sector was also launched during the inaugural session. The book covers several important aspects of enhancing bilateral trade and investment and also provides exhaustive information on India and ten ASEAN nations. (ANI)

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