Calcutta, June 5: Engineering Export Promotion Council (EEPC) is planning to carry out a study on the opportunities in China.

Rakesh Shah, chairman of EEPC, said a consultant would soon be hired to figure out the prospect there. “We may appoint McKinsey and PricewaterhouseCoopers for sector specific studies. It should be concluded by this financial year.”

He said prospects of engineering goods exports seemed bright mainly in those sectors where China was not doing large-scale production.

A delegation from the council recently visited China and looked at the business prospects there.

Today, the United States and the European Union (EU) contribute 20 and 22 per cent respectively of Indian engineering exports. The council hoped China would also contribute handsomely for Indian export going forward.

Shah mentioned the overall strategy paper that EEPC was preparing would also have a special mention of China.

“We are trying to reach the export target of $25 billion by 2009-10,” he said.

Engineering export clocked a growth rate of 38 per cent last fiscal over the previous year. It surpassed the initial target of $12 billion and the revised target of $12.7 billion to end finally at $14.9 billion. This year the council has set a target of $17.25 billion export, a growth of 15 per cent over last year. “But we are sure to cross the initial target,” he said adding that long term projection of $25 billion by 2009-10 could actually end up being $30 billion.