Kakinada will play key role in nation's economy: Nirmala

Kakinada: Union finance minister Nirmala Sitharaman said here on Friday that Kakinada will play a key role in the country's economy as a trade hub with the establishment of the southern campus of Indian Institute of Foreign Trade (IIFT).

She inaugurated the third branch of Indian Institute of Foreign Trade (IIFT) campus on an ad-hoc basis in the presence of Union minister for commerce and industry Piyush Goyal at Jawaharlal Nehru Technological University ( JNTU) -K campus here.

MPs Vanga Geetha , G V L Narasimha Rao, P Subhash Chandra Bose, Margani Bharat Ram, state ministers B Rajendranath Reddy, K Venkata Nageswar Rao, Ch Venugopala Krishna, Seediri Appalaraju, Dadisetty Ramalingeswar Rao (Raja), district In-charge collector Ilakkiya and others were present.

Nirmala Sitharaman said that setting up of IIFT in Kakinada, which is a hub for foreign trade, is very appropriate in Andhra Pradesh, which has importance for its enormous export potential. She stated that the entrepreneurs of the Andhra Pradesh region had recognised the importance of marine products and their exports to foreign nations. With a long coastline extending about 700-km long and the government incentives provided to entrepreneurs have put the state at the forefront of expanding its foreign trade with international standards.

She further said Andhra Pradesh has a huge potential for trade in pharmaceuticals, auto, textile, rice, rice bran oil, fruits and vegetables. After the bifurcation of the state, the Central government is setting up 10 prestigious institutes in Andhra Pradesh including AIIMS, IIM, IISER, NID, IIFT, IIP, on the initiative of the Prime Minister. Quoting Prime Narendra Modi, she said that each district of our country has a potentially equal to the country.

She called upon students of eminent institutions like NIFT and IIFT to find creative ways to amplify One District-One Product (ODOP). She said that the Central government has taken up the One District-One Product policy to provide incentives to these diverse products.

Also, many local products are getting international recognition and states should pay special attention to promote their exports. She referred to Prime Minister Modi's suggestion to encourage the states to come forward for the establishment of export promotion offices in foreign embassies to expand international export opportunities for their products. The Union finance minister also said that many states in the country are larger in terms of area than many European countries, and every district is a centre for each unique product.

She urged the students of IIFT to study their course not only for academic degree but also to continuously study the global trade conditions and opportunities and provide suggestions to the Central department of commerce in policy making and become constructive partners in the country's economic progress.