DGFT urges exporters to tap and diversify into Latin America, CIS nations and Africa

Director General of Foreign Trade (DGFT), Union Ministry of Commerce and Industry urges Indian exporters need to look beyond eurozone and explore opportunities in emerging markets such as Latin America, CIS nations and Africa due to the current turbulence going on in Greece.

Director General of Foreign Trade, Pravir Kumar, at the Open House Meet with more than 200 exporters organized by CII Eastern Region in association with the Federation of India Export Organaistion (FIEO) said that when there are risks, it is extremely important to distribute risks and diversify elsewhere.

The DGFT added exporters need to look at other markets as over-dependence on markets like the Euro Zone was becoming risky. The currency fluctuations, particularly in the Euro Zone, were hitting exports. The crisis in Greece could have an additional impact on Indian exports to Europe and that country.

On its part, the Government will continue providing policy direction, incentivizing diversification and value-added exports.

But in his view, Indian exporters will also do well by focusing on the countries with which India has a free trade agreement (FTA). The volume of Indian exports in eurozone is 18-19 percent of the country’s total exports, and that is enough reason for Indian exporters to take a good look at Latin America, CIS nations and Africa.

In line with the Prime Minister’s Digital India call, the Central Government is working overtime to devise a single window clearance to make things easier for exporters. This is part of the Government’s resolve to facilitate trade.

Kumar also informed that an app on the android platform has been developed last month which provides information and services to users. The app will be extended to other platforms as well. They invite private app developers to join the effort of the directorate and they are in the process of making exporters work virtually paperless.