IMPHAL, February 25: The Look East Policy, which is now known as the `Act East Policy`™ will soon become a reality said State`™s Commerce and Industries minister Govindas Konthoujam during the day-long workshop on ` Export Credit Procedures and Documentation`™ held today at the conference hall of the State Guest House at Sanjenthong.
The workshop was organised by Export-Import Bank of India (EXIM) in association with the State`™s department of Commerce and Industries. In his speech, Govindas Konthoujam said the State Commerce and Industries department is ready to extend its assistance to any organisation to accelerate the trade and export volume in the State. He further stated that the border trade between India and Myanmar started in 1995 and since then the trade volume has increased to a certain extend.
However, he stressed on the need to increase the trade volume by comparing the export and import volumes of the past years.
As of now, the import volume has surpassed the export volume which needs to be balanced, he added.
Giving the keynote address at the inaugural function, EXIM bank`™s Eximius Center director, N Shankar said the EXIM bank, a central government owned organisation set up in 1982 is engaged in financing, promoting and facilitating India`™s exports. The organisation has also been organising various workshops, seminars, training programmes on various areas such as insurance, financing, Risk Management etc to help traders.
He underscored the need for forming trade associations, cluster group of state handicraft artisans and traders to export the products to other countries, adding that the State`™s handicraft products would have a huge market in foreign countries.
Giving the presidential speech at the function, State principal secretary (Commerce and Industries)
L Lakher said the purpose of the seminar is to inform and train exporters and traders about the export credit procedures from the bank and how to do the documentation.
Various state officials along with high level officers of EXIM bank of India, Federation of Indian Export organizations (FIEO), Export Credit Guarantee of India Limited (ECGC), MU professors including FIEO`™s head of North East chapter, Kaushkik Dutta, Assistant director general of Foreign Trade G Chandrahas also attended the workshop.
Read more / Original news source: http://kanglaonline.com/2015/02/act-east-policy-will-soon-be-realised-says-state-commerce-and-industries-minister/