India to establish trade centre in Trinidad

May 22nd, 2010 - 4:00 pm ICT by IANS  

By Paras Ramoutar
Port-of-Spain, May 22 (IANS) A permanent India Trade Centre will be set up in Trinidad and Tobago, a country where 44 percent of the population is of Indian origin.

Sunil Agnihotri, joint deputy secretary general of the Federation of Indian Export Organisations (FIEO), said the facility will help promote bilateral trade.

Agnihotri made the announcement here Friday at the opening ceremony of the Multi Product Trade Fair jointly organised by FIEO, the Indian High Commission and the India-Trinidad Chamber of Commerce.

“FIEO is keen to set up an India Trade Centre in Trinidad to service the business community of T&T; to help identify authentic Indian sources of products and services; to help promote bilateral trade,” he said.

Agnihotri said that FIEO represents, directly and indirectly, the interests of over 100,000 exporters and importers in India.

“India shares very warm trading ties with T&T. And this is reflected in our trade statistics when India’s exports to this country grew by a whopping 142 percent during the period 2008-09. Exports to T&T for the period 2007-08 valued around US $138 million. This has gone up to over $329 million at present. Amongst all the Latin American countries, in value terms, T&T ranked sixth in India’s exports,” he said.

Indian High Commissioner Malay Mishra said the establishment of the India Trade Centre will serve to enhance joint venture, trade and commerce opportunities for both countries, citing some of India’s products could be manufactured here with the Indian label and likewise with T&T’s products.

The trade fair runs from May 21 to May 31 and some 34 of India’s top manufacturers and exporters have set up shop here. Mishra said the exhibition will “showcase quality products with a difference”.

“This trade fair is another milestone in promoting the best Indian products. FIEO has the adeptness and capacity to produce trade fairs of international standards”, he said.

This year’s presentation will serve as a mounting pad for an even greater show in 2011.

Mishra said that there are several Memoranda of Understanding on matters of trade, business and double-taxation between both countries since 1997.

Mishra urged FIEO to offer new products for which India continues to make a name for itself, as items such as garments and jewels are already well known here.

Wayne Punnette, deputy permanent secretary with the Ministry of Trade and Industry, saw the need for an even stronger trade and business relationships between both countries.

In Trinidad and Tobago, the forefathers of the people of Indian origin were sourced from Uttar Pradesh and Bihar between 1845 and 1917 when about 148,000 labourers came here to work as plantation labour.

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |

Subscribe