AP all set to become a potential hub for international trade: Alok Dwivedi
The Dollar Business Bureau
Andhra Pradesh is on its way to bear fruits of the measures taken by the state government for turning the state into a potential hub for international trade, said Alok Dwivedi, deputy director-general of Foreign Trade, Union Ministry of Commerce and Industry.
Dwivedi shared the information on the sidelines of the workshop on EXIM policy, organised by GITAM Institute of Management at Visakhapatnam, where he talked about 26 per cent exporting houses based in the region as major contributors to 80 per cent of the exports, particularly in seafood, rice, spices, cashew and hair exporting activities.
The DGFT is responsible for issuing authorisations to exporters followed by checking their corresponding obligations through its regional offices and extension counter at Indore.
He also talked about issuing of only one import-export code number (IEC) against a single pan-card, a process which is necessary for carrying out export and import.
The workshop underlined the steps taken to consolidate India’s position on export including the introduction of export promotion capital goods scheme (EPCG) which deals with import of capital goods for producing quality goods. It specifically covers manufacturer, exporters, merchant exporters tied to supporting manufacturer and service providers.
The workshop was also addressed by GITAM Institute of Management principal P Sheela who highlighted the need of air cargo development in Visakhapatnam to enhance export. It was also noted that Export Credit Guarantee Corporation of India Limited (ECGC) is providing overseas investment insurance to Indian companies investing in joint ventures abroad in the form of equity or loan.