NE industry eyes market linkages with Brazil, Turkey

A FINER delegation signs 4 MoUs with the trade bodies of the two countries on a recent visit.

North-East industry is, of late, eyeing bilateral business relationship and market linkages with Brazil and Turkey as it had recently been on a trip to these two countries to explore investment opportunities and showcase the potential of the region.

The 13 member delegation, under the banner of Federation of Commerce and Industry of North Eastern Region (FINER), the premier trade and industry body of North-East, during the visit to the two countries, signed 4 MoUs (memorandum of understanding), 2 with Brazilian trade bodies and 2 with Turkey based trade bodies.

Commenting on the visit, FINER president, RS Joshi, said media persons that the visit was an "eye-opener" for them and that the MoUs will "help the entrepreneurs from this region to build necessary market linkages to Latin America and Turkey."

He said that during the course of the visit, the delegation interacted with many leading businessmen and trade organisations of the two countries and also from Latin America. In Brazil, the two MoUs were signed with Brazil-India Chamber of Commerce in Sau Paulo and Rio De Jenerio, whereas in Turkey, MoUs were signed with Istanbul Chamber of Commerce, which is one of the oldest trade bodies of the world, and Turkish-Indian Business Council.

He said that market linkages with Turkey will help reach other European countries, Caucasus, Central Asia, Middle East and North Africa due to Turkeys strategic location. "For the entrepreneurs of North-East, there is very good opportunity to explore the market in these two countries for exporting handloom, handicraft, tea, spices and so on. The investors in these two countries are willing to invest in hydro power sector of this region, said Joshi.

He added: “Our purpose was to set a mechanism in place to make business between these countries and North-East easy and we could successfully do that.” He said many of the FINER members are also exploring business opportunities in the neighbouring countries of Bangladesh, Myanmar and Bhutan.

The trade between India and Brazil reached an unprecedented figure of $ 4.66 billion in 2008, with India's export to Brazil standing at $ 3.56 billion while India's imports from Brazil were at $ 1.10 billion. Brazilian exports to India mainly consists of copper, sulphate and other minerals, cane sugar, soya oil, asbestos and iron ore, while the major Indian exports to Brazil are coke, textile, pharma products and chemicals.