Minister Promotes 12 Champion Sectors at WTE 2018

MVIRDC World Trade Centre Mumbai organised the 2nd edition of the World Trade Expo 2018 from October 29-30, 2018 in association with All India Association of Industries at its premises. At the inaugural session on October 29, 2018, Mr. Suresh Prabhu, Hon’ble Minister of Commerce & Industry and Civil Aviation, Government of India in his video message said, “For the first time in India’s history, the government of India has given targets for promoting exports to all line ministries. Further, the ministry identified 12 champion services sectors with an export potential of Rs. 5000 crore.”

Amb. Manoj K. Bharti, Additional Secretary (ED and States), Ministry of External Affairs, Government of India said, “India has the global advantage on three major aspects: Democracy, Demography and Demand. India’s cost-competitive and highly efficient and advanced manufacturing sector will help India realise its goal to attain a US$7 trillion economy by 2030 from the current US$2.4 trillion.”

H. E. Mr. Ernest RWAMUCYO, High Commissioner of Rwanda in India said, “India and Africa together make a vibrant economy of 3.5 billion people and USD 5 trillion economy, with greater voice in the world trading regime. In the last 15 years, India-Africa bilateral trade has grown 20 times and today it stands at USD 70 billion. This has the potential to grow much faster and can cross the USD 100 billion mark in the next couple of years.”

Dr. Rajan Sudesh Ratna, Economic Affairs Officer, Trade, Investment and Innovation Division, UNESCAP said, “India’s share in world trade is hardly 2.15%, which is far less than its contribution of 3.21% to world GDP. India has signed multiple trade agreements with some countries, which make it difficult for Indian exporters to understand the duty benefits, concessions and eligibility conditions to avail these benefits.”

Mr. Damian Irzyk, Consul General of Poland in India said, “Our bilateral trade in commercial services has tripled to Euro 29 billion in the decade ending 2016. Mr. Irzyk invited Indian companies to take advantage of the strong consumer market of 38 million people in Poland.

Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Centre Mumbai said, “The World Trade Expo 2018 will also promote India's ambitious policies on Startup India, Digital India, Make in India, Skill Development, apart from trade & Investment. The focus sectors of the World Trade Expo are Trade/ Investments, Health & Personal Care, Education, Agro and Food Processing, Technology, Tourism and Culture and other areas of economic interest.”

The event witnessed the release of MVIRDC Research Study titled ‘India and Free Trade Agreements: Opportunities and Challenges’ which deals with issues concerning the utility of the agreements for Indian exporters and ‘Country Profiles: World Trade Expo 2018’, which features trade and investment potential of 33 countries participating at the event.