IESS to ink agreement with NCCSL

Sumanachandra ARIYAWANSA in Mumbai

India's largest engineering sourcing show, the India Engineering Sourcing Show (IESS) organized by EEPC India, will ink an agreement with the National Chamber of Commence of Sri Lanka (NCCSL) to promote the show in a more aggressive manner next year.

An official from IESS told ‘Daily News Business’ that with the Sri Lankan construction industry booming the demand for building materials and engineering experts is increasing. “We are looking at hosting an event of this nature in Sri Lanka. One of the key objectives of this agreement is to meet this end. Also we are looking at technology transfers between the two countries in the Engineering field” he said.

EEPC India Regional Director, M. Ganesan said that they were very happy that Sri Lanka fielded the highest ever 95 member delegation to the ongoing LESS which would conclude on Sunday.

The show has also attracted over 400 participants from the United Kingdom, Canada, USA, France, Turkey and from SAARC counties and the Lanka delegation also had a good opportunity to interact with them,” he said. EEPC India Chairman Aman Chadha said in his welcome address, “What is rather interesting is the trend in India's exports and imports since our independence. Again, as per the WTO, India's share in world exports in 1948 was 2.2% of the total world exports of US $ 59 billion. Thereafter, our exports share fell gradually to reach a bottom of 0.5% of world exports of US $ 1839 billion in 1983. When it comes to imports, in 1948, India's share in world imports was 2.3% of the total world import of US $ 62 billion. This share fell to 0.5% in 1973 and thereafter rose gradually to reach the 2% share in 2009. The reason why I point this out is that when it comes to imports, we seem to have come close to the share of world imports that we had in 1948; but in case of exports, we have still some way to go.

“This indicates in a very simplistic manner that exports should remain a policy priority and government and the exporting community must work hand in hand to ensure that our exports surpass our 1948 world share and can at least attain a share between 2.5% and 3% of world exports by the end of the 25 year plan.

“If India is to reach such a target the role of the engineering sector will be critical. The strategy for doubling exports released by the Department of Commerce has put a target of US $ 125 billion for the Engineering Sector to be achieved by 2013-14. We are in the first year of the three year doubling strategy of the Department of Commerce and in the first eight months of exports by the end of the 25 Year Plan.”