Greek crisis: Commerce Ministry asks exporters to explore Africa, CIS

KOLKATA: The Commerce Ministry today asked exporters to explore business opportunities in emerging markets of Latin America and Africa in the wake of the Greek crisis.

"When there are risks, it is extremely important to distribute risks and diversify elsewhere," a CII statement quoted Director General of Foreign Trade (DGFT) Pravir Kumar as saying.

Kumar was here to attend an open house meet with over 200 exporters, organised by CII and Federation of India Export Organisation (FIEO).

The 19-member Eurozone accounts for 18-19 per cent of the country's total exports. Its members include Austria, Belgium, Cyprus, Finland, France, Germany and Greece.

He said that the government will continue providing policy direction, incentivising diversification and value-added exports.

"In wake of the current turmoil in Greece, Indian exporters need to look beyond Eurozone and explore opportunities in emerging markets such as Latin America, Commonwealth of Independent States (CIS) nations and Africa," he said.

Greece is reeling under financial crisis and there are apprehensions that it may impact other Eurozone members.

CIS countries include Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.

He also asked the exporters to focus on countries with which India has implemented free trade agreement such as Japan, South Korea and Singapore.

Further, he informed that the government is working to devise a single window clearance platform to enhance ease of doing business as part of the government's resolve to facilitate trade.

"We are in the process of making our work virtually paperless," he said.

Speaking at the meet, Sanjay Budhia, Chairman, CII National Committee on International Trade Policy & Exports, said that the high trade deficit of the country puts pressure on the economy.

Contracting for the sixth month in a row, India's exports dipped by 20.19 per cent in May to $22.34 billion.