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AP has big potential for int’l trade, says Central official
Union government official predicts that State will soon become a hub of international trade. “Andhra Pradesh is emerging as potential hub for international trade and several steps taken by the government is giving great scope to budding exporters and importers in this region,” said Alok Dwivedi, Deputy Director General of Foreign Trade, Ministry of Commerce and Industry, Government of India, at G
Visakhapatnam: Union government official predicts that State will soon become a hub of international trade. “Andhra Pradesh is emerging as potential hub for international trade and several steps taken by the government is giving great scope to budding exporters and importers in this region,” said Alok Dwivedi, Deputy Director General of Foreign Trade, Ministry of Commerce and Industry, Government of India, at Gitam University here on Wednesday.
Speaking at a gathering organised by the Gitam Institute of Management to discuss the Export and Import Policy, Alok Dwivedi explained that around 26 exporting houses from Andhra Pradesh are contributing 80 per cent of the exports in the country, particularly seafood, rice, spices, cashew and even hair.
Explaining further, he said the Director General of Foreign Trade issues authorisations to exporters, and monitors their corresponding obligations through its network of 36 regional offices and extension counter in Indore.
“The Importer-Exporter Code (IEC) is mandatory for import and export. Only one IEC would be issued against a single PAN,” he explained, adding, “to enhance India’s export competitiveness, the DGFT has introduced Export Promotion Capital Goods (EPCG) scheme. It assures import of capital goods, and production of quality goods.
The scheme, in particular, covers manufacturer exporters, merchant exporters tied to supporting manufacturers and service providers. Only registered exporters are eligible for various facilities extended by the DGFT through Foreign Trade Policy.”
At the meeting, Export Credit Guarantee Corporation of India Ltd. (ECGC) Assistant Director Sanjeet Kumar explained that the ECGC gives credit insurance cover to Indian exporters, and provides overseas investment insurance to Indian companies investing in joint ventures abroad in the form of equity or loan.
