Trade between T&T and India is expected to reach US$500 million by 2011, says Ram Bissoon, director of the T&T Chamber of Industry and Commerce. India's exports to this country have shown exponential growth, jumping from US$8.8 million in 2001 to US$ 312.27 million between 2008-2009. These figures, he said, were expected to significantly increase in the coming year, eventually reaching the target of US$500 million.
Bissoon made the revelations during a press conference on Thursday at the Port-of-Spain office of the High Commission of India. "We have just surpassed US$420 million in the past year and we're optimistic that by 2011 we will achieve our goal." Meanwhile, statistics from the Ministry of Commerce, New Delhi, revealed that bilateral trade between India and T&T during the year 2008-2009 (April-March) amounted to US$414.23 million.
Petroleum, drugs and pharmaceuticals, iron and steel, garments, information technology services, machinery, transportation equipment and silk, constitute major sectors for imports from India. Items from T&T exported to India include scrap metals, wood and wood products, asphalt, chemicals and LNG.
Bissoon said that an India trade fair, organised by the Federation of Indian Export Organisations (FIEO), in partnership with the India–T&T Chamber of Industry and Commerce, is expected to be held in T&T, from May 21-31. The fair will take place at the Centre of Excellence, Macoya. Bissoon said that establishing trade partnerships and joint ventures between local and Indian businessowners were a real possibility.
Some of the Indian exhibitors include:
Studio Derby
Archi Trading
Palak Exports
JB Fabrications
Vats Enterprises
Karan Fab
Tribal Kraft
Novel Exports
Selina Crafts
Art Corner