Kamal Nath in New Delhi on Monday. (Reuters)

New Delhi, May 24: Union commerce minister Kamal Nath today said the government would formulate a policy to make foreign direct investment (FDI) more “export-oriented”.

Addressing a press conference after taking charge as the commerce minister, he said a special mechanism would be put in place to attract FDI that is export-oriented and generate more employment.

The minister said the new exim policy, expected to simplify procedures further, would be announced between June-end and first week of July.

Nath said the objective of the government was to make commerce ministry an “enabling ministry” for promoting double-digit export growth on a sustainable basis.

He would hold consultations with trade and industry to obtain their views before formulating the exim policy. He plans to consult the trading community too. Nath is even ready to visit state capitals to get a nationwide feedback to simplify procedures and facilitate trade.

The minister said the Board of Trade would be reconstituted to enable the commerce ministry to hold regular consultations.

Nath stated the new exim policy would lay emphasis on agricultural exports that would endeavour to give farmers a better price for their produce.