Patel was speaking at the inauguration of the “India-ASEAN Engineering Partnership Summit” organised by the Engineering Exports Promotion Council (EEPC)
India’s exports to ASEAN market is expected to reach USD 46 billion in the financial year 2022, Union Minister of State for Commerce and Industry Anupriya Patel Anupriya Patel said while inaugurating 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.
Patel said during the session, “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.”
Patel further said that there is significant potential for enhancing trade and investment partnership between India and ASEAN, given the size of its combined economy which stands at approx. USD 5.8 trillion.
“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,” she said.
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”.
