July 16, 2013 3:07:01 am
Engineering exporters are trying to tap African countries to beat slowdown in the West Asian and European markets.
The meeting on Tuesday will be expected to provide opportunities to make up for dip in Indias engineering exports to Europe that has been shaved off by five per cent.
An assessment by EEPC India (formerly Engineering Export Promotion Council) shows geo-political trouble in Sudan,Egypt,Syria,Iran and Iraq are coming in the way of finding new markets in the West Asian regions too.
The meeting with the diplomats of key African missions will also bring together senior officials of ministries of commerce,external affairs,power and steel. Engineering exports to Africa has moved up to 16 per cent in the same period,coming close to the EU figure.
EEPC India chairman Aman Chadha said exports to EU dipped to 19 per cent last fiscal. A fall in 5 per cent is a substantial loss of market share. This is more so for engineering goods that has long gestation periods works on long term contracts and it takes time to develop markets and credibility. The same is the case in North America,where our share is 11-13 per cent.
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