India’s exports to ASEAN estimated at $ 46 billion in FY22: MoS Anupriya Patel

Patel on Monday inaugurated the “India-ASEAN Engineering Partnership Summit” organized by the Engineering Export Promotion Council (EEPC) with the support of the Ministry of Foreign Affairs and the Department of Commerce.

Addressing the inaugural session, Patel said, “As one of the top destinations for India’s exports, ASEAN will be an important region for India with an export target of USD 46 billion to reach l global export target of USD 400 billion during the fiscal year. 2021-22. “

“India and ASEAN have a large share of the skilled population, strong service and manufacturing sectors, and there are many complementary sectors and products available for further cooperation. With a combined economy of approximately $ 5.8 trillion, there is significant potential to improve trade and investment. partnership between India and ASEAN.

Patel further said that Prime Minister Narendra Modi had set a target of $ 400 billion in merchandise exports for the 2021-22 fiscal year and also considered a roadmap to reach that milestone.

“Under the Atmanirbhar Bharat Abhiyaan, the central government recently approved the USD 26 billion Production Linked Incentive Program (PLI) covering 13 sectors including electronics, pharmaceuticals, solar modules, special steel, automobiles and medical devices to attract investment and strengthen India’s manufacturing capacity, ”she said.

Supported by the Ministry of Trade and Industry and the Ministry of Foreign Affairs, the four-day India-ASEAN Engineering Partnership Summit is expected to see the participation of more than 300 delegates from Indian industry. A significant number of delegates from ASEAN countries will also join the summit. The summit will also cover B2B meetings and interactions. The thematic sessions will cover a range of topics including country sessions and emerging areas of cooperation such as Industry 4.0, integration of MSMEs into the regional value chain. The government of Tamil Nadu joined the event as a “partner state” while the government of Haryana as a “central state”.

This year is special for both partners as it marks the 25th anniversary of the India-ASEAN dialogue partnership and 10 years of the strategic partnership.

An e-book on trade and investment between India and ASEAN focusing on the engineering sector and MSMEs was also launched during the inaugural session. The book covers several important aspects of improving bilateral trade and investment and also provides comprehensive information on India and ten ASEAN countries.