New Delhi, Oct. 1: India Inc is looking at the Asean market to increase its export turnover at a time when domestic consumption has ground to a virtual standstill, with growth pegged at a mere 3 per cent per annum.
Indian business feels that not only can trade with Asean countries be doubled from a current level of $ 7.8 billion within two years, but India can also forge a better relationship that will help secure greater FDI inflows.
Talking to reporters on the sidelines of a meeting that served as a curtain raiser for the India-Asean meet to be held this month in Delhi and Hyderabad, Ficci secretary general Amit Mitra said, “Indian business needs new markets for its products where it can also expand. The Asean countries, with Myanmar joining in, is the closest to home for both purposes.”
“Moreover, their investment in infrastructure, IT, financial services and biotechnology cannot be ignored. There are almost 200 participants from Asean countries, including the Prime Minister of Malaysia and several cabinet secretaries. This meeting can bring in the targeted business,” Mitra added.
Almost 300 Indian business participants have signed up for the session, thus making Asean one of the most favoured blocks.