$8.5 billion engineering export target set

Sensing a surge, the Engineering Export Promotion Council has set a new target of $8.5 billion export during the current financial year, and said Iraq would soon open new opportunities for Indian companies.

"We have set a target of $8.5 billion exports in the current fiscal against the earlier goal of $8.17 billion and we are confident we will cross this figure," the council said.

"Last fiscal, we achieved a turnover of $7.87 billion, registering 32 per cent growth rate. We have rallied growth by 35 per cent in the first quarter this fiscal. Therefore, a target of $8.17 billion is moderate," he said.

Besides traditional markets including us, china, uk, uae and germany, shukla said 23 more countries have shown strong growth potential and "we are keen to tap these markets in latin america and cis.

Iraq has vast opportunities for indian companies. Once political stability comes in the country, there would be a lot of business opportunities in the field of infrastructure development, supply of machinery and tools, construction besides a large portion of sub-contracting by american and british multinationals.

"It is important to note that iraqis have no hatred against indians. We have traditionally good trade relations which continued even during the un 'oil for food programme'.

He said the council would continue its focus on southeast asia that accounts for nearly 30 per cent of india's engineering exports. "The free trade agreement with thailand has rekindled interest in india, and our products, with their competitive edge, would clinch a lot of business.