Financial Daily from THE HINDU group of publications
Thursday, Apr 25, 2002
Industry & Economy
EEPC seeks to tap EU sub-contracting market
KOLKATA, April 24
THE Engineering Export Promotion Council (EEPC), enjoying a membership of over 9,500 firms covering the entire spectrum of Indian engineering industry, has taken up a focused programme to secure a large part of the growing sub-contracting market in the EU countries.
As a part of this new initiative, the council, in a bid to showcase Indian capabilities, is organising ``Indiatech'', an exclusive exhibition of Indian engineering products at Birmingham, UK, between April 29 and May 2.
The EU market size is estimated to be around $323 billion, representing some 14 per cent of the total industrial output of the region.
Addressing newspersons here, Mr M.C. Shah, Chairman, Organising Committee, Indiatech, said engineering exports had grown by 33 per cent during 2000-01.
And the UK, India's second largest trading partner after the US, accounted for a share of 31 per cent at $380 million in the total engineering exports of $1.2 billion to the EU countries. EEPC has set an annual growth target of 20 per cent to touch a figure of $3 billion exports to the EU by 2007.
The Indiatech fair at Subcon-2002, Birmingham, will see a participation of more than 120 Indian companies, displaying a wide range of products, according to Mr Shah.
Engineering exports during 2001-2002 are expected to be around $6 billion, the same as in the previous year, and as per projections under the medium-term export strategy, likely to double at $12 billion by 2006-07.
Seeking a larger exposure for Indian engineering firms, in terms of capability, for etching out global partnerships in the area of sub-contracting, he said the products to be displayed at Subcon-2002 were auto components, bicycles and parts, castings and forgings, fasteners, diesel engines, hand tools, industrial machinery, transmission line hardware, mining and construction machinery, steel pipes and tubes, pumps and valves and wires and cables etc.
Asked about the feasibility of growth targets, Mr Shah said India was recognised as a competent supply base of a host of sub-contracting components and ancillaries, along with a host of other products required by industrial giants in the European Union, the US and Japan. Subcon-2002, he pointed out, was expected to attract 50,000 trade visitors, both from within the EU and other countries such as the US, Japan, South Korea and Taiwan.
Send this article to Friends by E-Mail
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line