Department of Commerce and Industry prepares plan to boost trade and investment; identifies 12 priority countries

The Department of Trade and Industry has drawn up a detailed plan to boost trade and investment and identified 12 countries, including the US and the UK, for priority action, an official said. The plan was drawn up by a task force made up of officials from the Ministry of Commerce, Department of Industry and Domestic Trade Promotion, Indian Missions Abroad and Invest India.

Under the plan, the task force has established a calendar of activities for those 12 priority nations — the United States, Brazil, Canada, the United Arab Emirates, Saudi Arabia, Britain, Germany, Sweden, Japan, Taiwan, South Korea and Russia, the official said this did not want to be named.

The plan was created after an in-depth analysis of export-import trends. Outbound investment trends and strategic engagements with over 20 countries.

As part of the plan, the ministry will organize roadshows in different countries that will include investment and trade promotion engagements.

Industry and exporters are also encouraged to organize world-class exhibitions in India and attend fairs in these 12 countries.

“The exercise is part of a concerted effort by both ministries to boost trade and investment,” another official said.

Last month, Trade Minister Sunil Barthwal said the ministry was working on a trade strategy to boost exports.

As part of this, the Department of Commerce, Department of Industry Promotion and Domestic Trade (DPIIT), Invest India and Indian Missions Abroad would focus on priority countries.

The focus will be on promoting exports while addressing the needs of the domestic market, he said, adding that both ministries would forge a kind of alliance to promote investment and exports and both are working on a trade and commerce agreement to that end investment strategy.

As part of the strategy, they will also take part in some major exhibitions abroad, where teams from these departments will also take part in buyer-seller meetings.

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