Indian engineering exposition closes with high expectations<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Ranging from aluminum home appliances to three-wheeler vehicles,
\nthe Indian engineering expo Indiatech 2005 here was a showcase of
\nthe country's manufacturing industry.<\/p>\n
Organized by the Engineering Export Promotion Council (EEPC)
\nof India at the Jakarta Convention Center, the four-day
\nexhibition ended on Saturday, booking about US$5 million in
\nbusiness inquiries between firms from both countries.<\/p>\n
\"There have been confirmed contracts of $487,000 during the
\nexhibition with automotive components, sewing machines and X-ray
\nmachines as majority products,\" said EEPC chairman Rakesh Shah
\nafter the closing of the event.<\/p>\n
In addition to the confirmed deals, there were several other
\ninquiries, he added.<\/p>\n
Aside from the trade during the expo, several Indian companies
\nhad previously reported new investments in Indonesia. Two of the
\ncompanies were automotive companies Bajaj Auto Ltd. and TVS Motor
\nCo., with one major Indian public company IRCON currently
\nexecuting a road construction project in Indonesia.<\/p>\n
According to the Investment Coordinating Board (BKPM), Indian
\nforeign direct investment (FDI) approval reached $66.7 million
\nlast year. Meanwhile, two-way trade between the two countries
\nincreased from $2.4 billion in 2003 to $2.91 billion in the first
\n11 months last year.<\/p>\n
However, it is the India's engineering export to Indonesia in
\nparticular that has been the most impressive in recent years.
\nLast year, it grew by more than 30 percent, thanks in part to the
\nrapid growth of India's engineering sector in terms of value --
\nfrom $3.761 billion in 1995\/1996 to $10.7 billion in 2003\/2004.<\/p>\n
\"The growth has been enormous, especially compared to only $10
\nmillion worth of engineering exports in the 1950s,\" Shah said.<\/p>\n
The extensive growth is partly be attributable to the support
\nprovided by the Indian government, notably in empowering and
\ndeveloping SMEs operating in the manufacturing sector through
\nvarious forms of incentives.<\/p>\n
Besides providing direct subsidies, the Indian government also
\nprovides exemption for certain excise duties for an establishment
\nwith a turnover of up to 10 million rupees ($215,285) while also
\nsetting up several industrial zones for certain export -and
\nimport- bound products.<\/p>\n
The closing of the exhibition, Shah forecasts, should pave the
\nway for stronger investment and trade cooperation between the
\nregion's giants.<\/p>\n
\"I do not expect anything big to happen in the next six months
\nbut by three years, you'll find India as your major trading
\npartner,\" Shah said. (003\/004)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/indian-engineering-exposition-closes-with-high-expectations-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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