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July 6, 2018

Bengal Govt preparing country-specific export strategies

Bengal Govt preparing country-specific export strategies

West Bengal Industrial Development Corporation (WBIDC), a State Government agency, will formulate country-specific strategies to promote exports. The move will not only open new markets but will also boost the State’s economy.

As a part of its strategy to give more impetus to its export policy, the Bengal Government has already been identifying new countries and potential markets abroad, thereby strengthening bilateral trade ties with several countries.

To prepare the strategy, the WBIDC will carry out a detailed study of each country. Senior officials of the WBIDC will also hold meetings with the consuls general of various countries, to know their countries’ views. The foreign countries will also get to know the new export strategy of the State.

For precious metals, the Government is targeting Bangladesh, Ghana and Bermuda, where there is a huge requirement for these. Bengal has so far been exporting precious metals to the UAE, China, Switzerland and a few others.

Bengal exports the highest number of leather handbags in the country, mostly to USA, China, Switzerland and Italy. The new targets are Kazakhstan, Iran, Cambodia and Laos.

Bengal is also targeting Peru, Paraguay and Nicaragua for exporting shrimps and prawns. It is currently exporting these to USA, Japan, France and Spain.

The export growth rate in the state touches 11.17 per cent, which is much higher than the national growth rate. The State Government has been in constant touch with both top and medium-scale exporters and industrialists to provide them assistance in order to increase the overall exports.

The Commerce and Industry Minister Dr Amit Mitra recently held a meeting with various stakeholders and exporters to listen to the issues they were facing. There he also announced that the Government is trying to double its export growth rate within the next three years. Besides, he stressed on the need to explore ways to boost exports.

Source: Millennium Post