Press Releases

  • Filter by date:
  • Submit
  • Press Releases

    02-Mar-2021

    Export-Import Bank of India, on behalf of the Government of India, extends a line of credit of USD 10.40 million to the Government of the Kingdom of Eswatini (Swaziland)

    Read More
  • Press Releases

    26-Feb-2021

    Exim Bank extends LOC of USD 7.35 million to the Republic of Nicaragua

    Read More
  • Press Releases

    25-Feb-2021

    India Exim Bank to provide funding of USD 130 million to finance 2000 Housing units in Maldives

    Read More
  • Press Releases

    24-Feb-2021

    Exim Bank extends line of credit of USD 100 million to the Government of Republic of Mauritius

    Read More
  • Press Releases

    22-Feb-2021

    Exim Bank extends line of credit of USD 50 million to the government of republic of Maldives

    Read More
  • Press Releases

    17-Feb-2021

    Exim Bank extends LOC of USD 15.00 million to The Republic of Sierra Leone for implementation of potable water projects by Indian companies

    Read More
  • Press Releases

    01-Feb-2021

    India has an untapped export potential of more than US$ 110 million in sports goods

    Read More
  • Press Releases

    05-Jan-2021

    India Exim Bank raises US$ 1 Billion for 10 year tenor at record low rate of 2.25% P.A.

    Read More
  • Press Releases

    17-Dec-2020

    India Exim Bank forecasts India’s Non-Oil exports for the third quarter of FY2021 to amount to US$ 68.3 bn, witnessing a marginal positive annual growth

    Read More
  • Press Releases

    11-Dec-2020

    Exim Bank extends line of credit of USD 448 million to the government of republic of Uzbekistan.

    Read More
  • Press Releases

    11-Dec-2020

    India Exim Bank and BANK OF AFRICA BMCE Group sign MoU aiming to increase trade and investment

    Read More
  • Press Releases

    03-Dec-2020

    India-CLMV Partnership in Infrastructure Necessary for Enhanced Regional Competitiveness: India Exim Bank Study

    Read More
  • Press Releases

    03-Dec-2020

    India Exim Bank estimates suggest an immediate need for 5 Indian hospitals across Africa; building regional healthcare hubs

    Read More
  • Press Releases

    23-Nov-2020

    Shri N. Ramesh takes charge as DMD of Exim Bank

    Read More
  • Press Releases

    17-Nov-2020

    Exim Bank of India Announces the Winner of the BRICS Economic Research Award 2020 during the 10th BRICS Financial Forum

    Read More
  • Press Releases

    27-Oct-2020

    Export-Import Bank of India observes Vigilance Awareness Week 2020

    Read More
  • Press Releases

    23-Oct-2020

    Training Programme in Product and Design Development Urmul Marusthali Bunkar Vikas Samiti, Phalodi Rajasthan Supported by India Exim Bank

    Read More
  • Press Releases

    22-Oct-2020

    MSME Sector a Crucial Component in North East’s Growth Story: India Exim Bank-UNDP

    Read More
  • Press Releases

    12-Oct-2020

    Exim Bank extends line of credit of usd 400 million to the government of republic of Maldives.

    Read More
  • Press Releases

    07-Oct-2020

    India Exim Bank Explores Opportunities to Strengthen India-GCC Relations through Closer Collaboration and Identification of Newer Avenues

    Read More
Close_1

Export-Import Bank of India, on behalf of the Government of India, extends a line of credit of USD 10.40 million to the Government of the Kingdom of Eswatini (Swaziland)

print Print

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended Line of Credit [LOC] of USD 10.40 million to the Government of the Kingdom of Eswatini (Swaziland) for construction of disaster recovery site.

The LOC Agreement to this effect was signed through exchange between Mr. Nirmit Ved, General Manager, Exim Bank, and H.E. Mr. Neal H Rijkenberg, Hon’ble Finance Minister, Government of the Kingdom of Eswatini (Swaziland).

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 3 (Three) Lines of Credit to the Government of the Kingdom of Eswatini (Swaziland), on behalf of the Government of India, taking the total value of LOCs extended to USD 68.30 million. The LOCs extended to the Government of the Kingdom of Eswatini (Swaziland) cover projects in sectors including Information Technology, Disaster Management and Agriculture.  

With the signing of this LOC Agreement, Exim Bank has now in place 270 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.75 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Gaurav Bhandari, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, Kidwai Nagar East, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Exim Bank extends LOC of USD 7.35 million to the Republic of Nicaragua

print Print

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended Line of Credit [LOC] of USD 7.35 million to the Government of the Republic of Nicaragua for the purpose of replacement and supply of equipment of the High Technology Centre of Hospital Antonio Lenin Fonseca at Managua, Nicaragua. The project under the LOC shall facilitate improving the quality of life of patients and provide a modern hospital infrastructure in Nicaragua. The project would enable export of medical equipment from India. 

The LOC Agreement to this effect was signed on February 18, 2021, through exchange between Mr. Jose Adrian Chavarria Montenegro, Vice-Minster General of the Ministry of Finance and Public Credit, Government of Republic of Nicaragua and Mr. Nirmit Ved, General Manager, Exim Bank.

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 5 (Five) Lines of Credit to the Government of the Republic of Nicaragua, on behalf of the Government of India, taking the total value of LOCs extended to USD 94.98 million. The LOCs extended to the Government of the Republic of Nicaragua cover projects in the Power and Healthcare sectors in Nicaragua. 

With the signing of this LOC Agreement, Exim Bank has now in place 269 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.64 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Nirmit Ved, General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

India Exim Bank to provide funding of USD 130 million to finance 2000 Housing units in Maldives

print Print

Export-Import Bank of India (India Exim Bank) on February 20, 2021 exchanged a Letter of Intent (LoI) with Fahi Dhiriulhan Corporation Ltd., Govt. of Maldives for the design and construction of 2000 Social Housing Units in Hulhumale, Maldives valued at USD 130 mn. This funding is proposed to be provided under the Buyer’s credit program under National Export Insurance Account (NEIA) Scheme. The project is expected to improve the socio-economic well-being of Maldivian citizens and is in line with the Government of India policy of ‘Neighbourhood First’. The LoI was exchanged in Male’ city, as part of India’s External Affairs Minister, Dr. Subrahmanyam Jaishankar’s visit to Maldives. The project is proposed to be executed by NBCC (India) Ltd.

India Exim Bank had earlier supported Road network development in Hulhumale, Maldives under the NEIA scheme. Further, India Exim Bank has also supported various projects in water, power, railway and road sectors in various countries viz. Ghana, Zambia, Cameroon, Mauritania and Senegal in Africa, Sri Lanka in Asia and Suriname in Latin America under the NEIA scheme. The NEIA scheme is a unique financing mechanism that provides a safe mode of financing option to Indian Project Exporters backed by cover from NEIA Trust.

For further information, please contact Ms. Shilpa Waghmare, General Manager, BC-NEIA Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone +91-22-22172320; E-mail: Shilpa.w@eximbankindia.in

Exim Bank extends line of credit of USD 100 million to the Government of Republic of Mauritius

print Print

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 100 million to the Government of the Republic of Mauritius for the purpose of financing procurement of defense items from India.

The LOC Agreement to this effect was signed on February 19, 2021, through exchange between H.E. Mr. Renganaden Padayachy, Hon’ble Minister of Finance, Economic Planning and Development, the Government of Republic of Mauritius and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank. 

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 6 (Six) Lines of Credit to the Government of the Republic of Mauritius, on behalf of the Government of India, taking the total value of LOCs extended to USD 764.80 million. The LOCs extended to the Government of the Republic of Mauritius cover projects in sectors including Defense, Connectivity and Infrastructure sectors such as Metro Express Limited, Social Housing, etc.

With the signing of this LOC Agreement, Exim Bank has now in place 269 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.64 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Gaurav Singh Bhandari, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

Ms. K. Nandini Singla, High Commissioner of India to Mauritius and Mr. N.K. Ballah, Secretary to the Cabinet, Government of Republic of Mauritius exchanging an LOC Agreement of USD 100 million on February 22, 2021. 

The exchange ceremony was held during the Mauritius visit of Shri S. Jaishankar, Hon’ble Minister of External Affairs, Government of India. Earlier, the agreement was signed by H.E. Mr. Renganaden Padayachy, the Government of Republic of Mauritius and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank for the purpose of financing procurement of defence items from India on February 19, 2021.

Exim Bank extends line of credit of USD 50 million to the government of republic of Maldives

print Print

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 50 millionto the Government of the Republic of Maldives for the purpose of financing for Defence projects.The LOC Agreement to this effect was signed in Male’, Maldives on Sunday, February 21, 2021 by H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank during the visit to Maldives of Shri S. Jaishankar, Hon’ble Minister of External Affairs, Government of India. An amendatory agreement for repurposing an existing LOC of USD 40 MN to include road projects in Maldives was also signed between Exim Bank and Government of Maldives on Saturday, February 20, 2021.

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 4 (Four) Lines of Credit to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs to USD 1,290 million. Projects covered under the LOCs extended to the Government of Republic of Maldives include Housing project, Greater Male’ Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket StadiumProject, Defence projects,Gulhifalhu Port Project, Hanimaadhoo Airport Project and Road Construction Project.

With the signing of this LOC Agreement, Exim Bank has now in place 268Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.64 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Gaurav Singh Bhandari, Chief General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in 

H.E. Ibrahim Ameer, Minister of Finance, Government of Republic of Maldives and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank signing the Lines of Credit Agreement of USD 50 million.

Exim Bank extends LOC of USD 15.00 million to The Republic of Sierra Leone for implementation of potable water projects by Indian companies

print Print

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended Line of Credit [LOC] of USD 15.00 million to the Government of the Republic of Sierra Leone for the purpose of expansion of the ongoing projects for rehabilitation of existing potable water facilities in four communities in the Borrower’s Country. This LOC will be used for implementation of projects by Indian companies which will benefit 1,00,000 residents in the 4 communities of Sierra Leone.

The LOC Agreement to this effect was signed on February 05, 2021, through exchange between Mr. Saroj Khuntia, General Manager, Exim Bank, and H.E. Mr. Jacob Jusu Saffa, Finance Minister, Government of Republic of Sierra Leone.

With the signing of the above LOC Agreement, Exim Bank, till date, has extended 5 (Five) Lines of Credit to the Government of the Republic of Sierra Leone, on behalf of the Government of India, taking the total value of LOCs extended to USD 168 million. The LOCs extended to the Government of the Republic of Sierra Leone cover projects in sectors including Power, Agriculture, and potable water in Sierra Leone.

With the signing of this LOC Agreement, Exim Bank has now in place 267 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.59 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Saroj Khuntia, General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91 11 24607700/, E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

India has an untapped export potential of more than US$ 110 million in sports goods

print Print

Exports of sports goods from India were valued at US$ 278.9 million in 2019-20, and have an untapped potential of more than US$ 110 million, as per a presentation by the Export-Import Bank of India (India Exim Bank) on the ‘Export Potential of sports Goods Industry’. Some of the key strategies highlighted for unleashing this growth potential include improvement in the standards, quality and certification regime in the country for meeting regulatory requirements in major markets, reduction of the import dependence on China for both raw materials and finished products, setting up of a research and development institute for investment in up-stream research in material sciences and sports sciences, strategies for increasing market access in relatively untapped geographies, financial and infrastructural support for development of more sports goods clusters, greater awareness through regular seminars and workshops regarding the various developments in the industry, and greater involvement of states for encouraging investments in the sector.

The potential and strategies for bolstering growth in exports of sports goods were discussed in a webinar on ‘Taking Indian Sports Goods Businesses to the Global Arena’ organized by India Exim Bank on 29th January, 2021. The webinar was attended by nearly 100 participants and had speakers from India Exim Bank and the Sports Goods Export Promotion Council (SGEPC).

Speaking on the occasion, Mr. Tarun Dewan, Executive Director, SGEPC, highlighted the strong capabilities of the sports goods industry in India and informed the participants about the various efforts taken by the SGEPC to support the exporters. He mentioned that India has the potential to become one of the leading sports goods suppliers in the world, and stakeholders need to take concerted and cohesive action towards creating an enabling environment for the sports goods manufacturers.

Mr. N Ramesh, Deputy Managing Director, India Exim Bank, noted that like many other sectors, the world of sports also came to a standstill due to the pandemic, and sports manufacturing faced an unprecedented slump during what would otherwise be a peak demand season. He further underscored that as the country and the world gradually move towards normalcy, the sports goods industry would need to forge partnerships and adopt strategies for making the sector more resilient to such downturns.

In his presentation, Mr. Prahalathan Iyer, Chief General Manager, Research & Analysis Group, India Exim Bank, highlighted the need for Indian sports goods industry to diversify its exports basket, as well as its target markets, in order to widen its footprint in the global arena. He highlighted the potential for exports from the sports goods sector and outlined the strategies which could help enhance India’s share in global exports of these products.

Mr. T.D. Sivakumar, General Manager, Business Development Group, India Exim Bank, outlined the significant scope for exporters to leverage the various programs of India Exim Bank, including the recently launched Ubharte Sitaare program. He also apprised the exporters about ‘Exim Mitra’- a trade finance portal that offers a diverse range of information, advisory and support services, which reach out to potential as well as existing exporters to enable them to evaluate international risks, exploit export opportunities, and improve competitiveness.

India Exim Bank raises US$ 1 Billion for 10 year tenor at record low rate of 2.25% P.A.

print Print

India Exim Bank opened the year in style on January 4, 2021, successfully launching a USD 1 billion 10-year Bond. The coupon of 2.25% is a record low for any 10-year bond issuance out of India. The Bank, whose balance sheet is substantially dollarized, is one of the largest Indian issuers of long-term debt in the international debt capital markets and its paper is treated as quasi-sovereign. The funds thus raised will be used by the Bank to support Indian project exports, overseas investment by way of long-term credit and its export lines of credit portfolio.

The issue was launched early morning in Eastern markets (Hongkong and Singapore) and within three hours was over-subscribed twice. The Bank then tightened the initial price guidance of CT10+185 bps by 40 bps to end at CT10+145 bps, well inside the fair value point on the curve. At close, with US investors also coming in, the issue was oversubscribed by more than 3.5 times, with several high-quality investors having to settle for less than their requested allocations.

In terms of geographic distribution, the bonds were distributed 55% in Asia, 29% in USA and 16% from EMEA region. In terms of distribution, the bonds were distributed to high quality investors with around 68% distributed to fund managers, 17% to Sovereign Wealth Funds, Central Banks and Insurance companies, 14% to banks and 1% to private banks and others.

Barclays, Citigroup, HSBC, J.P. Morgan, MUFG and Standard Chartered acted as Joint Lead Managers and book runners for the offering. India Exim Bank has been rated as ‘Baa3 (Negative)’ by Moody’s, ‘BBB- (Stable) by S&P and ‘BBB- (Negative)’ by Fitch, same as the rating of Government of India.

Speaking on the occasion, Mr. David Rasquinha, Managing Director of India Exim Bank, said, “We are delighted to open the debt markets in 2021 with this signal achievement – a billion dollars for ten years at a record low coupon. With the upsurge in GST numbers, improvement in GDP, and the recent approval of vaccines, the confidence in the India story is surging once again. With a strong market opening trade from India Exim Bank, many other Indian issuers are likely to follow suit to access the foreign currency bond market.”

Ms. Harsha Bangari, Deputy Managing Director said that India Exim Bank has been continuously monitoring the market for a possible issuance window. This is the only 10-year transaction by an Indian Financial Institution in the last one year. The quasi sovereign nature of the Bank and EMBIG index eligibility of the bonds helped in the price tightening. The swift build to the book and the large book size, even after significant tightening by 40 bps demonstrates strong confidence of overseas investors in the India story and in India Exim Bank. Throughout the lockdown period, the Bank had been regularly engaging with overseas investors, a move that paid off well as investors bid aggressively. 

India Exim Bank aims to promote India’s international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank aggressively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.

For further information, please contact Mr. Sudatta Mandal, Chief General Manager, Treasury & Accounts Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400005. Telephone +91-22-22172686; E-mail: sudatta@eximbankindia.in

India Exim Bank forecasts India’s Non-Oil exports for the third quarter of FY2021 to amount to US$ 68.3 bn, witnessing a marginal positive annual growth

print Print

Export-Import Bank of India (India Exim Bank) forecasts India’s Non-Oil exports for the third quarter of FY2021 to amount to US$ 68.3 bn, witnessing a marginal positive growth of 0.3 percent, over the corresponding quarter of the previous year, after three consecutive quarters of contraction.  On the other hand, total merchandise exports are forecast to continue to witness a moderation to US$ 77.6 bn in the third quarter of 2020-21, as compared to US$ 79 bn in the corresponding quarter of the previous year, on the back of one of the steepest and continued contractions in India’s oil exports, witnessed since March 2020.  The forecasts are based on India Exim Bank’s Export Leading Index (ELI) Model.  

Forecast of growth in India’s total merchandise exports and non-oil exports are released by India Exim Bank on a quarterly basis, during the first week of the months of June, September, December, and March for the corresponding quarters, with continuous improvisation to the model. The next growth forecast for India’s exports for the quarter January-March 2021 would be released during the first week of March 2021.

The model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Professor Saikat Sinha Roy, Professor & Coordinator, Centre for Advanced Studies, Department of Economics, Jadavpur University, Kolkata; Dr. Sarat Dhal, Director, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor N. R. Bhanumurthy, Vice Chancellor, BASE University, Bengaluru; and Professor C. Veeramani, Professor, Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

As part of its continued research initiatives, Exim Bank had developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise and non-oil exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.  

For further information, please contact:

Mr. David Sinate, Chief General Manager/ Dr. Viswanath Jandhyala, Assistant General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre, Cuffe Parade, Mumbai – 400005; T: +91-22-2217 2701/ 2708/ 2711 

E: dsinate@eximbankindia.in/ viswanath@eximbankindia.in

Disclaimer: The results presented above could be of interest to policy makers, researchers, and exporters among others.  These are growth forecasts from the Research and Analysis Group of India Exim Bank and do not necessarily reflect the views of India Exim Bank.  The growth forecast for the quarter derived from the Export Leading Index (ELI) model may be subject to commodity price volatility, uncertainties in the global economy mainly driven by the global pandemic and the resultant slowdown. The model would undergo continuous improvisation with revision of recent available data and advanced forecasting methodology, incorporating comments, suggestions and feedback from various quarters. Actual exports data are sourced from RBI’s Database on Indian Economy.   

Exim Bank extends line of credit of USD 448 million to the government of republic of Uzbekistan.

print Print

Export-Import Bank of India [Exim Bank], on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 448 million to the Government of Republic of Uzbekistan for financing various projects in the Roads & Transport, Water and Technology & Communication sectors in Uzbekistan.

The LOC Agreement to this effect was signed on Thursday, December 10, 2020, between Hon’ble Deputy Prime Minister & Minister of Investments and Foreign Trade, Mr. Sardor Umurzakov, Government of Republic of Uzbekistan and Mr. Nirmit Ved, General Manager, Exim Bank.

With the signing of this LOC Agreement, Exim Bank has now in place 266 Lines of Credit, covering 62 countries in Africa, Asia, Latin America, CIS and the Oceania, with credit commitments of around USD 26.59 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Nirmit Ved, General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91-11-24607700/ E-mail: eximloc@eximbankindia.in , Website: www.eximbankindia.in  

India Exim Bank and BANK OF AFRICA BMCE Group sign MoU aiming to increase trade and investment

print Print

Recognising the importance of economic relations between India and Morocco and the need to further promote bilateral trade and investments, India Exim Bank has signed a Memorandum of Understanding (MoU) with the Bank of Africa BMCE Group. The MoU was announced during the India-Morocco Business Forum, jointly organized by both the institutions on December 11, 2020. Senior representatives from the institutions were joined by H.E. Mr. Mohammed Maliki, Ambassador of the Kingdom of Morocco to India and Mr G.K. Pant, Chargé d'affaires, Embassy of India in Morocco, at the Forum, which was organized on a virtual platform. 

While addressing the Forum, Ms. Harsha Bangari, Deputy Managing Director, India Exim Bank said that India’s trade with the Middle East and North Africa (MENA) region has traditionally been governed by the fact that the region has been a critical source of energy. Ms. Bangari added that India is now increasingly positioning itself as an economic partner through increased investments in the region. 

India’s bilateral trade with Morocco has increased from US$ 1.2 billion in 2010 to US$ 2.1 billion in 2019. While India’s imports from Morocco are largely dominated by phosphate and potash, India’s exports to the country are more diversified covering textiles, chemical products, petroleum products, pharmaceutical products.

According to Mr. Mohammed Agoumi, Delegate General Manager, Bank of Africa the objective of the MoU is to strengthen cooperation in financing, guaranteeing and other financial mechanism to support projects of interest of both the institutions. The Banks will also jointly explore funding support for Indian companies setting up operations in Morocco and Moroccan companies setting up operations in India as per their respective mandates. 

Till date, India Exim Bank has supported 64 Indian companies for setting up ventures in the MENA region, with a sanctioned amount of  ` 6,684 crore, in various sectors such as textiles, automotive, chemicals and dyes, agro processing, irrigation, renewable energy, construction, healthcare, EPC services, shippingand mining, among others.

For further information, please contact:

Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, T: 91-22-2217 2701, E-mail: dsinate@eximbankindia.in

 

India-CLMV Partnership in Infrastructure Necessary for Enhanced Regional Competitiveness: India Exim Bank Study

print Print

India Exim Bank's publication titled ‘Building Infrastructure: Opportunities for India’ was released during the Inaugural Session of the 6th India-CLMV Business Conclave 2020 on December 03, 2020 in the presence of  Shri Mr V Muraleedharan, Hon’ble Minister of State for External Affairs, Government of India; Dr. Guru Prasad Mohapatra, Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government of India; H E Mr Chhuon Dara, Secretary of State, Ministry of Commerce, Kingdom of Cambodia; H E Mr Cao Quoc Hung, Deputy Minister of Industry and Trade, Vietnam; H E Ms Khemmani Pholsena, Minister of Industry and Commerce, Lao PDR; H E Dr Than Myint, Minister of Commerce, Myanmar, Mr. Uday Kotak, President, Confederation of Indian Industry, and Managing Director, Kotak Mahindra Bank, and Mr. Chandrajit Banerjee, Director General, Confederation of Indian Industry.  

According to India Exim Bank’s Study, CLMV countries are amongst the fastest growing countries not only within the ASEAN region, but also globally. Moreover, CLMV countries have the lowest wage rates among ASEAN countries leading to lower costs of production. Though the current pandemic and subsequent measures to contain the spread had hit economic activities hard in the first half in the region, through reduced tourist arrivals, disrupted supply chains and dwindling external demand, the economies are already on a path of recovery. 

To catch up with the rest of ASEAN countries in terms of economic development, however, there is a growing demand for building infrastructure both in terms of new infrastructure and upgradation of existing infrastructure that are critical to sustain growth in the region. The current status of infrastructure (physical connectivity, digital and utility) indicates that except for Vietnam, infrastructure in the rest of CLMV countries needs to be scaled up to integrate themselves fully into the ASEAN Economic Community. 

The study also highlights the crucial role infrastructure plays in facilitating trade and investment in the region. Despite recent improvements in infrastructure financing, the annual infrastructure deficit of ASEAN, including CLMV countries, continued to remain high at US$ 184 billion. In this regard, to facilitate infrastructure development and address the financing gap, innovative mechanism of financing besides traditional financing methods need to be explored to increase private sector involvement, which could include, among others, infrastructure bonds and public private partnership (PPP).

India and CLMV’s robust trade synergy, which grew much faster than average growth in India-ASEAN trade in the last decade is testimony to the longstanding partnership built over the years. In this context, the study identifies potential areas of cooperation between India and CLMV which include, among others, energy sector and water management, e-commerce and digital connectivity, and physical connectivity network including rail, road, air and sea. There is also an urgent need to improve the necessary border infrastructure at trading points to facilitate cross-border movement of goods between India and Myanmar.

Within India-CLMV partnership, companies from both India and CLMV would be able to benefit from improved connectivity and logistics, integrated supply chains, abundance of low cost skilled labor, resulting in spillover benefits such as technological upgradation, production efficiencies and improved regional competitiveness.

For further information, please contact:

Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, T: 91-22-2217 2701, E-mail: dsinate@eximbankindia.in

 

India Exim Bank estimates suggest an immediate need for 5 Indian hospitals across Africa; building regional healthcare hubs

print Print

Healthcare systems across the world are under severe stress with the outbreak of COVID-19. Africa’s healthcare system has been fragile, even before the pandemic, along with an additional burdened of higher number of cases in HIV, malaria, diabetes, hypertension and malnourishment, among others. 

According to Global Health Security Index, which assesses a country’s health system capabilities, 33 out of 54 ranked African countries are rated as least prepared to deal with epidemic threats, which have international implications. 

Estimates suggest that Africa’s health financing gap is as high as US$ 66 billion per annum, indicating that the conventional source of financing healthcare, viz. government financing and donor funding are inadequate. A more holistic approach is thus required to transform the risks of demographic and disease burdens into a demographic dividend. 

Improving access to equitable healthcare will require multisectoral interventions. Cooperation and participation of all stakeholders, including governments, private sector along with the international community and regional development institutions, will be required to build capacities of national health systems.

India’s expertise in modern and traditional medicines, has been the focus of its partnership in healthcare, particularly in Africa. In fact, the good share of African medical tourists in India, is indicative of the Brand image of Indian Healthcare. 

India attracts nearly 50,000 medical tourists from Africa annually. The recent international air travel bans have made it increasingly difficult for medical tourists to avail such health services. Investments by Indian healthcare players can cater to a portion of this client base, apart from catering to the rest of the population of the region. 

Exim Bank’s preliminary study estimates that presently the Indian healthcare sector can significantly benefit from an investment of at least five hospitals in Africa with a capacity of hundred bed each. These could be spread across the five regions of the continent – North, East, Central, West and Southern Africa. 

India needs to realign its foreign policy with Africa, in line with such evolving needs, and must explore investment opportunities in the development of facilities in Africa’s health sector and support African economies achieve their Sustainable Development Goals, mainly Universal Health Coverage (UHC), and Africa's Agenda 2063.

These improvements need to be through a mix of measures including government participation, public-private partnership, joint ventures and foreign direct investments (FDI). 

These suggestions were discussed today at a webinar on “India-Africa Dialogue: Prospects in Healthcare”. The webinar was attended by several dignitaries including Mr. Gulshan Ramrekha, Deputy Permanent Secretary, Ministry of Health and Wellness, who read the message of His Excellency, Dr. Kailesh Kumar Jagutpal Hon’ble Minister of Health and Wellness, the Republic of Mauritius’. Shri. Rahul Chhabra, Secretary (ER), Ministry of External Affairs, Government of India was the Chief Guest at this event.  The session focusing on the regional hubs in Africa had dignitaries like H.E. Mr. Mohammed Maliki, Ambassador of the Kingdom of Morocco to India; H.E. Mr. Gilbert Shimane Mangole, High Commissioner of the Republic of Botswana; Mr. G. V. Srinivas, Ambassador of India to Senegal (concurrently accredited to The Gambia, Guinea Bissau and Cabo Verde); and Mr. A. Ajay Kumar, High Commissioner of India to Uganda (concurrently accredited to Burundi). The experience sharing session by the Indian private sector that is instrumental in shaping India’s developmental role in this direction, included Dr. Devi Prasad Shetty, Chairman, Narayana Health; Mr. K B George, Chairman and Managing Director, HLL Lifecare Ltd.; Dr. K. Hari Prasad, President of Hospital Division, Apollo Hospitals; and Mr. V. Sukumar Hebbar, Vice President & Head, L&T Construction, Larsen & Toubro Ltd.

The Webinar covered three key aspects of healthcare: healthcare infrastructure, healthcare facilities and training and capacity building. The discussions during the webinar highlighted the need for a three-pronged strategy to increase cooperation in building core healthcare infrastructure. These include cooperation through GOI-supported Lines of Credit (LOCs) to African nations and engagements through the public-private partnerships (PPP) mode; cooperation in capacity building and training of medical personnel; and setting up regional hubs across Africa to provide tertiary and quaternary care.

For further information, please contact

Mr. David Sinate

Chief General Manager

Research & Analysis Group

Export Import Bank of India

Centre One Building, Floor 21

World Trade Centre Complex

Cuffe Parade, Mumbai - 400005

Telephone: 91-22-2217 2701

Fax: 91-22-2218 0743

E-mail: dsinate@eximbankindia.in

 

Shri N. Ramesh takes charge as DMD of Exim Bank

print Print

Mumbai: Shri N. Ramesh took charge as Deputy Managing Director of the Export-Import Bank of India (India Exim Bank), today. He is an officer of Indian Telecom Service from 1999 Batch. Prior to his appointment at India Exim Bank, he served as Executive Director in National Agricultural Cooperative Marketing Federation of India Ltd. He served as Director in Department of Commerce, Government of India from 2016 to 2019, where he oversaw Agriculture, Export Inspection, Biotechnology, and Plantations Divisions. Shri N. Ramesh worked as Director (Marketing) at Marine Products Export Development Authority, Ministry of Commerce and Industry from 2010-2016. 

He has worked in the Department of Telecom in enforcement of licensing conditions and regulations, on all the telecom service providers and the BPO industry. He has also worked with BSNL on development of mobile network and infrastructure. 

Shri Ramesh is a Bachelor of Engineering in Electronics and Communication from Bangalore University and a Post Graduate in Public Policy and Management from Indian Institute of Management, Bangalore.

For More information, please contact: Mr. Swarup Chakraborty, Assistant General Manager, Export-Import Bank of India, 21st floor, Centre One Building, World Trade Centre Complex, Cuffe Parade, Mumbai 400005; Telephone +91-22-22172829, Email: ccg@eximbankindia.in,Website: www.eximbankindia.in 

 

Exim Bank of India Announces the Winner of the BRICS Economic Research Award 2020 during the 10th BRICS Financial Forum

print Print

India Exim Bank’s BRICS Economic Research Award 2020 was presented to the Award winner, Dr. Adam Yao Liu during the 10th Annual BRICS Financial Forum hosted online by Russia’s State Development Corporation (VEB.RF), on November 16, 2020 in the presence of heads of member development banks of the BRICS Interbank Cooperation Mechanism.

November 16, 2020: Dr. Adam Yao Liu was declared the winner of Export-Import Bank of India’s (India Exim Bank’s) BRICS Economic Research Award 2020 by Mr. David Rasquinha, Managing Director, India Exim Bank, during the 10th Annual BRICS Financial Forum, hosted online by the Russia’s State Development Corporation (VEB.RF), on November 16, 2020.  The Forum saw the participation of the heads of member development banks of the BRICS Interbank Cooperation Mechanism viz. the Brazilian Development Bank (BNDES); VEB.RF; China Development Bank (CDB); Export-Import Bank of India (India Exim Bank) and Development Bank of Southern Africa (DBSA), along with the New Development Bank. The Award comprises prize money of Indian Rupees 1.5 million (approximately USD 21,000), a medal and a citation. India Exim Bank’s occasional paper based on Dr. Liu's Award-winning thesis was also released on the occasion.

The Winning Thesis

Dr. Liu won the Award for his doctoral thesis titled “Building Markets within Authoritarian Institutions: The Political Economy of Banking Development in China”.  Dr. Liu received his doctoral degree in 2018 from Stanford University, USA. He is currently working as an Assistant Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore.

The BRICS Economic Research Award

In the context of India’s Chairmanship of the BRICS Forum during 2016, and under India Exim Bank’s Presidency of the BRICS Interbank Cooperation Mechanism, India Exim Bank instituted the BRICS Economic Research Award in March 2016. The objective of the Award is to stimulate and encourage advanced doctoral research on economics related topics of contemporary relevance to the member nations of BRICS.  

The BRICS Economic Research Award represents India Exim Bank’s on-going efforts at promoting research in the area of international economics, trade & development and related financing. The Award accepted as entries, doctoral thesis written by nationals of any of the five member nations of BRICS, who have been awarded a doctorate or accepted for award of a doctorate from any University or academic institution globally. The details of the Award were disseminated globally through advertisements in print and electronic media.

For further details please contact: Mr. David Sinate, Chief General Manager, Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005. Telephone: +91-22- 2217 2708; E-mail: dsinate@eximbankindia.in

Export-Import Bank of India observes Vigilance Awareness Week 2020

print Print

As advised by the Central Vigilance Commission, Export-Import Bank of India commenced the observance of Vigilance Awareness Week 2020 from October 27, 2020 to November 2, 2020. The Integrity Pledge was administered amongst employees using physical as well as e-platform by Mr. David Rasquinha, Managing Director and Ms Harsha Bangari, Deputy Managing Director at Bank’s Head Office. During the function held for administering the pledge, Bank’s Managing Director and Deputy Managing Director encouraged the employees of Export-Import Bank of India to maintain the highest level of integrity and work unstintingly for eradication of corruption in workplaces and every sphere of life.

Training Programme in Product and Design Development Urmul Marusthali Bunkar Vikas Samiti, Phalodi Rajasthan Supported by India Exim Bank

print Print

Mumbai, October 23, 2020:  A training programme titled ‘Product and Design Development in Handmade Fabrics’ has been organized with Exim Bank’s support, for 10 experienced  artisans of Urmul Marusthali Bunkar Vikas Samiti (UMBVS), Phalodi, Rajasthan, for a period of 30 days. UMBVS is a registered, not-for-profit organization established in 1989, having its head office at Phalodi town in Jodhpur, Rajasthan, for the welfare of weavers in the Great Thar Desert of Western Rajasthan. The weaving is being handled by a cluster of 50-60 weavers in 6 villages, viz. Phalodi, Ranisar, Bhojasar, Bhiyasar, Karwar, Krishnanagar, near Jodhpur, Rajasthan.

Handicrafts and handlooms, being endowed with a rich set of values and beliefs, are a unique manifestation of the roots, culture and identity of our people. Handicrafts portray the diverse traditions of our country, handed down through generations of craftspeople or through people associated with this sector.  The technique of the member weavers of UMBVS is unique and the skills required to handle the pit-looms and related equipment is generally mastered only by a few weavers, based on their experience.  The weavers, despite their harsh terrain and straitened circumstances, take immense pride in their work, which is reflected in the fabrics woven. It is the weavers’ unrelenting perseverance in inhospitable surroundings, that has kept the art alive.  However, there are several challenges faced by the weavers, viz, lack of knowledge and awareness about innovative weaving techniques, churning out new designs in tune with market requirements, latest trends and designs, textures, patterns, colour combinations, etc. The traditional designs need constant improvisation and innovation to sustain in the current market, which provides a wide range of choices to buyers. 

This training programme on product and design development for 10 master artisans of UMBVS is the second Online Training Programme supported by Exim Bank, and has been conceptualized with due regard to social distancing norms, in light of the ongoing COVID-19 pandemic. 

This training programme shall impart training to the weavers to improve their understanding of and become quality conscious about their products, in the larger context of enhancing the scope for income generation. Thus, this training  programme for the artisans would provide a good opportunity for the weavers to gain knowledge and exposure to innovative ideas in modern techniques/ new designs, that could enable wider appeal and acceptance of this fading art. Mr. Surjanram Jaipal, Chief Executive, UMBVS and himself a weaver, has been actively contributing to the endeavor of keeping this traditional art alive and pass it on to the next generation.

The program mentor, Ms Ritu Suri, who hails from Delhi, is a designer having a rich experience of 23 years in the field of art and crafts, and has longstanding experience in collaborating with craftsmen artisans and weavers. The Faculty Designer for this workshop, Ms. Ritu Suri is a textile Design graduate from the National Institute of Fashion Technology (NIFT, New Delhi). Her experience covers working with the Income Generation Programmes of grassroot level organisations like UMBVS, Vasundhara Gramothan Samiti, Urmul Seemant and Sadhna, to name a few. Ms.Ritu is one of the earliest members of the vast Rangsutra family (Rangsutra Crafts India Ltd.- a company founded on artisans’ ownership). Owing to her valuable experience of having worked closely with artisans and her long association with UMBVS, she has a deep understanding of the needs of the weavers in coming to terms with the trends and demands of a dynamic market. 

This Online Training aims to equip participant weavers with new and creative ideas in developing latest trending designs and with innovative weaving techniques in ethnic garment manufacturing, in line with the market demands. We are very hopeful that this training program will ultimately result in the skill development of a wide cross-section of weavers under the URMUL umbrella, eventually leading to their all-round socio-economic upliftment. Mr. David Rasquinha, Managing Director, India Exim Bank, in his welcome address, acknowledged the bountiful efforts of UMBVS in the socio-economic upliftment of the weavers and wished the program all success. 

 

MSME Sector a Crucial Component in North East’s Growth Story: India Exim Bank-UNDP

print Print

India Exim Bank in partnership with the United Nations Development Program (UNDP) in India has organized a webinar, “Impact of COVID-19 in MSME Sector in the North East India: Challenges and Opportunities”, on October 22, 2020. The webinar was attended by several dignitaries including Mr. K. Moses Chalai, Secretary, North Eastern Council (NEC); Ms. Shoko Noda, Resident Representative, UNDP in India and Mr. David Rasquinha, Managing Director, India Exim Bank. The webinar is a part of the ongoing collaboration between India Exim Bank and the UNDP on the project ‘Capacity Building of MSMEs in North East India for Export Competitiveness’.

The webinar focused on various aspects of MSME sector of North East India, and highlighted the huge potential offered by the region and possible ways to profitably unleash these potentials, especially in the context of current pandemic. During the event, a Coffee Table Book showcasing several case studies and impact stories in agriculture, handloom and handcrafts sectors from three North Eastern states of Assam, Mizoram and Nagaland, supported by the India Exim Bank-UNDP project was released. 

Mr. K. Moses Chalai, Secretary, NEC in his address stressed the need to seriously look into Industry 4.0 in the North East. He pointed out that COVID-19 pandemic has brought out several innovations by the enterprises of the region. With the youth in the region started taking more risks, he believed that North East today holds huge potential to come up with good startups. He also emphasized that it is time to look into the governance issues faced by the region. 

Speaking on the occasion, Ms. Shoko Noda, Resident Representative, UNDP in India stated that the pandemic has shown us how fragile small businesses are, especially for women, and the importance of resilience for MSMEs. She stressed that the country can achieve SDGs only if North East has equal access to education and livelihoods. MSMEs in the region can make huge contribution towards strengthening the rural economy and providing sustainable livelihoods for women in the region.

India Exim Bank MD, Mr. David Rasquinha in his address pointed out the importance of MSMEs for North East region and stressed on improving infrastructure and connectivity for development of MSMEs and growth of exports from the region.  COVID-19 has disrupted the value chain of the MSMEs especially handloom, handicrafts and food processing sectors. He urged the entrepreneurs to formulate a business continuity and recovery plan in case of similar disruptions happening in the future, and organizations like the UNDP and India Exim Bank are in the right position based on their existing activities in the region, to assist MSMEs in their future endeavors.

The panelists deliberated upon various issues, along with the current and future prospects for MSME sector in the North East region in the context of COVID-19 pandemic. Several entrepreneurs thanked India Exim Bank and the UNDP for their timely support offered to MSMEs in the region. The webinar saw participation from several industry bodies, entrepreneurs and organizations from the region. 

 

For further information, please contact:

Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, T: 91-22-2217 2701, E-mail: dsinate@eximbankindia.in

 

Exim Bank extends line of credit of usd 400 million to the government of republic of Maldives.

print Print

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, has extended a Line of Credit [LOC] of USD 400 million for undertaking Greater Male’ Connectivity Project in Maldives. 

The LOC Agreement to this effect was signed on Monday, October 12, 2020 in Male’, Maldives  between Mr. Nirmit Ved, General Manager, Exim Bank and Hon’ble Minister of Finance, Mr. Ibrahim Ameer, Government of Republic of Maldives.

With the signing of the above LOC Agreement for USD 400 million, Exim Bank, till date, has extended 3 (three) Lines of Credit to the Government of the Republic of Maldives, on behalf of the Government of India, taking the total value of LOCs to USD 1,240 million. Projects covered under the LOCs extended to the Government of Republic of Maldives include Greater Male’ Connectivity Project, Water & Sewerage Projects, Addu Development Project, International Cricket Stadium Project, Gulhifalhu Port Project,  Hanimaadhoo Airport Project and Road Construction Project.

With the signing of this LOC Agreement, Exim Bank has now in place 266 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.40 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.

For further information, please contact Mr. Nirmit Ved, General Manager, Export-Import Bank of India, Office Block, Tower 1, 7th Floor, Adjacent Ring Road, East Kidwai Nagar, New Delhi-110023. Telephone: +91-11-24607700/ E-mail: eximloc@eximbankindia.in, Website: www.eximbankindia.in

An LOC Agreement of USD 400 million was signed between Mr. Nirmit Ved, General Manager, Exim Bank and Hon’ble Minister of Finance, Mr. Ibrahim Ameer, Government of Republic of Maldives, for undertaking Greater Male’ Connectivity Project. 

India Exim Bank Explores Opportunities to Strengthen India-GCC Relations through Closer Collaboration and Identification of Newer Avenues

print Print

India Exim Bank released its study titled “Enhancing India’s Bilateral Relations with the GCC Countries: Trends in Trade, Migration and Remittances” in the presence of H.E. Mr. Munu Mahawar, Ambassador of India to Oman; H.E. Dr. Deepak Mittal, Ambassador of India to Qatar; H.E. Mr. Piyush Srivastava, Ambassador of India to Bahrain; and senior officials from the Embassy of India in Kuwait, Larsen & Toubro Limited and Afcons Infrastructure Limited, during a webinar titled “Enhancing India-GCC Relations: Prospects in Project Exports and Beyond” on October 06, 2020, hosted by India Exim Bank.

While India’s trade relations with countries in the Gulf region, have transformed considerably over the last decade, the structure and pattern is yet to be diversified, with huge potential for diversifying India’s exports especially into project exports.

The study analyses the two distinct areas of cooperation in India-Gulf economic relationship, viz. bilateral trade especially commodity trade, and migration from India resulting in a large expatriate community in the Gulf. The study highlights that GCC is one of India’s largest regional trading partner, with total trade averaging more than US$ 120 billion during the period 2009-2019. The study found that India continued to remain the second-largest export destination for GCC and its third largest import source, accounting for close to 10 percent each of GCC’s total exports and imports.

Behind this growing economic relationship, lies the vast Indian diaspora in the region. The GCC countries are home to over 9 million Indian migrants which has resulted in massive inflow of remittances to India amounting to US$ 48.5 billion in 2018. The study notes that both these intertwined aspects of India-Gulf ties have paved the way for further expansion of India-Gulf relations. 

The study finds that avenues for cooperation, driven by mutual interests, could include the healthcare sector, research and development in the pharmaceutical sector, construction and development of petrochemical complexes, infrastructure development, agriculture and food processing, education and skill development among others.

The India Exim Bank study also suggests a few policy catalysts that could help boost bilateral cooperation which could include (i) expansion of trade based on identified commodities that India has potential to export, which would help in narrowing India’s high trade deficit with the Gulf; (ii) increased focus on project exports from India; (iii) diversification of markets; (iv) increased cooperation in services sector; and (v) improving trade logistics; among others.

Mr. David Rasquinha, Managing Director, India Exim Bank in his address highlighted that countries in the Gulf and especially the GCC have always been important trade partners for India and an important component of India’s extended neighbourhood.  

The panellists deliberated upon the issues and current and future prospects for enhancing India’s engagements in and bilateral trade with the GCC region, in diversified areas.  The Ambassadors urged more Indian companies to take advantages of the emerging opportunities. 

Ambassador Mahawar, stressed that abundance of land, excellent infrastructure, ports, airports, roads, low utility cost especially low power cost, its strategic location and free trade arrangement makes Oman a preferred destination for Indian Investment.  Oman in its ‘Vision 2040, has identified priority sectors for development towards diversification and India is considered as a strategic priority partner for Oman.  He identified mining sector, transport infrastructure, health care as promising sectors for collaboration.  

Ambassador Mittal opined that huge opportunities exist for Indian exporters in the pharmaceutical sector, oil and gas sector in Qatar and offered to extend support to Indian enterprises venturing to engage with partners in Qatar. 

Ambassador Srivastava highlighted that opportunities exist in pharmaceutical products including alternative medicines, medical equipment, and renewable energy especially solar energy and in the fintech, digital and IT sectors in Bahrain and generally in the Gulf region.

Mr. Fahad Ahmed Khan Suri, Second Secretary (Political, Commerce and PIC), Embassy of India in the State of Kuwait in his address highlighted that there is significant potential to increasing bilateral trade not only in terms of volume but also in diversifying the existing base. Some of the potential areas for Indian exporters include energy, infrastructure projects, healthcare, automobiles, petrochemical and education. 

For further information, please contact:

Mr. David Sinate, Chief General Manager, Research & Analysis Group, Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, T: 91-22-2217 2701, E-mail: dsinate@eximbankindia.in