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PM Modi begins two-day visit to South Korea

Feb 21, 2019

Prime Minister Narendra Modi on Thursday arrived in South Korea for his two-day visit, during which the two countries will seek to enhance cooperation in diverse areas, including trade and investment.
MEA spokesperson Raveesh Kumar said the visit would strengthen India's special strategic partnership with South Korea and add dynamism to the Look East Policy.
 
Continuing the momentum of high-level exchanges. PM @narendramodi emplanes for Seoul on a 2-day State Visit to the Republic of Korea, he had tweeted earlier.Ahead of his visit, the Prime Minister described South Korea as an important partner for India's key initiatives such as 'Make in India', and said as fellow democracies the two nations share values and vision for regional and global peace.
 
 
This is Modi's second visit to the Republic of Korea and second summit meeting with President Moon.
 
In his departure statement, he said his visit is reflective of the importance we both attach to our relationship.
 
We regard the Republic of Korea as a valued friend, a nation with which we have a Special Strategic Partnership. As fellow democracies, India and the ROK have shared values and a shared vision for regional and global peace, the Prime Minister said.
 
As fellow market economies, our needs and strengths are complementary. South Korea is an important partner for our 'Make in India' initiative as well as in our 'Start Up India' and 'Clean India' initiatives, Modi said.
    
Source: Times of india



India, Saudi need to explore opportunities in new products, biz: Prabhu

Feb 21, 2019

India and Saudi Arabia need to explore opportunities in new products, businesses and regions to boost trade and investment ties between the countries, Commerce and Industry Minster Suresh Prabhu said Wednesday.
 
Ways to increase trade and investments were discussed during a meeting between Prabhu and the Saudi delegation, which was led by Kamel Al-Munajjed, Chairman of Saudi Indian Business Council.
 
India's energy security is ensured due to the continuous and uninterrupted supply of petroleum products from Saudi Arabia. But now it is time for both the countries to go beyond petroleum and diversify into new products, businesses and regions, Prabhu said in a statement.
 
He said that opportunities are endless for both the countries to collaborate and work together in new regions like Africa.
 
Both Saudi Arabia and India have to now look beyond the Gulf region and explore new markets, he said.
    
Source: Business Standard



India to remain fastest growing major economy in next decade: Report

Feb 21, 2019

India will remain the fastest growing major economy, much ahead of China, in the next decade 2019-28, according to a global economic research report. 
 
The report prepared by Oxford Economics, which is engaged in global forecasting and quantitative analysis, India is likely to achieve an average growth of 6.5 per cent in 2019-28, the highest among the emerging economies. 
 
India will be followed by the Philippines (5.3 per cent) and Indonesia (5.1 per cent), the report titled 'Emerging Markets Sustained Growth in EMs Calls for Thrift and Innovation' said. 
 
China has been assigned the fourth slot with an average growth rate of 5.1 per cent for the next decade (2019-28). 
 
The report is authored by eminent economist Louis Kuijs. 
 
It pointed out that emerging markets (EMs) with sustained fast growth are distinguished by rapid capital accumulation – mainly domestically financed – and robust total factor productivity (TFP) growth. 
 
    
Source: Economictimes.indiatimes



4the India-ASEAN Expo summit to begin on Thursday

Feb 21, 2019

The 4th India ASEAN Expo and Summit beginning Thursday will bring Indian and ASEAN businesses together to work jointly towards integrating them into regional value chains, thereby promoting mutual trade and investment.
 
The flagship event of Department of Commerce, being organised with industry body FICCI from February 21 to 23, will build upon the success of previous editions.
 
More than 200 exhibitors and 100 buyers from the ASEAN are expected to participate in the expo. There will be buyer-seller meetings to provide business leaders an opportunity to closely interact with their counterparts and consolidate B2B and B2G relations.
 
The exposition will showcase the best initiatives across various sectors of mutual cooperation like infrastructure, manufacturing, engineering, ICT, healthcare, tourism, environment, agriculture, science and technology, finance and banking, logistics and retail.
 
The Association of South-East Asian Nations (ASEAN) comprises Vietnam, Thailand, Singapore, Philippines, Myanmar, Malaysia, Laos, Indonesia, Cambodia, and Brunei. ASEAN is the second largest trading partner of India after China with a total bilateral merchandise trade of 81.33 billion US dollars.
    
Source: Business Standard



RCEP: India moves to narrow differences with China on tariff elimination in Bali Round

Feb 21, 2019

Facing pressure to finalise its market opening commitments under the Regional Comprehensive Economic Partnership (RCEP) pact being negotiated between 16 countries, India will hold intense bilateral discussions with China on the sidelines of the ongoing round in Bali to narrow differences on import duty cuts and the implementation period that both seek under the trade pact.
 
There is a lot of pressure on India to come to an agreement with China on its offer in goods as the round will immediately be followed by a trade ministers meet in Cambodia where RCEP members are keen to come to a resolution on market access. The Indonesian Minister, who is chairing the round, has already said that negotiations will be stretched through the night in Bali if needed, a goverment official told BusinessLine
 
RCEP, being negotiated between India, China, the 10-member ASEAN, Japan, South Korea, Australia and New Zealand, can potentially result in the largest free trade bloc in the world covering about 3.5 billion people and 30 per cent of the world’s Gross Domestic Product. Apart from goods, the areas being negotiated include services, investments, intellectual property and government procurement.
    
Source: The Hindu Businessline



King of fruits walks into Panaji mkt

Feb 21, 2019

The king of fruits has made an early entry in the local market with fruit vendors in Panaji selling mangoes in small batches. 
 
 
Vendors were seen building pyramids with the amber fruit as buyers negotiated prices. 
 
The popular alphonso is among the different varieties of the fruit that has marked its debut this season selling at Rs 600 per dozen while the ‘payri’ is going at Rs 500 per dozen. The ‘totapuri’ variety which is a common sight during this time is being sold at Rs 200 per kg.
 
It has now become an annual norm for mangoes to be available in February. These are varieties from outside Goa that are available a few weeks earlier compared to the local varieties, said fruit seller Nissar Nandihaldi.
    
Source: Times of india



Tripura gets Rs 85 crore Mega Food Park

Feb 21, 2019

Tripura Wedneday received its first major investment after the BJP-led government came to power last year, with the inauguration of a Rs 85 crore food park that is expected to generate employment for around 30,000 people, officials said.
 
The food park is the 18th of its kind in the country and has been set up at Tulakona, about 10 km from the state capital.
 
Inaugurating the food park, Sadhvi Niranjan Jyoti, Union Minister of State for Food processing Industries, said it would provide excellent infrastructural facilities for food processing and allied industries along with the value chain from the farm market and centralised processing centres.
 
The park has been set up by Kolkata-based Sikaria Mega Food Park Private Ltd.
 
She said in 2011, the Centre had given permission to open this Mega Food Park in Tripura, but the previous Left Front government did not take any initiative to open it.
 
The previous government did not take any step to improve the industry in the state, Jyoti alleged.
 
During the UPA government regime, only two food parks were operating in the country. After the NDA government led by Narendra Modi came to power in 2014, he pledged that he would set up 40 Mega Food Parks in India.
    
Source: Business Standard



India is a partner for the future: Argentina President

Feb 21, 2019

The President of Argentina, Mr. Mauricio Macri, said that Argentina was looking at India as a partner for the future and seeking to strengthen trade ties with India based on the principle of complementarity. Addressing a business meeting organized jointly by FICCI, CII and ASSOCHAM, Mr. Macri said that Argentina can partner with India in sectors like agriculture, energy, IT, tourism, mining and renewable energy to deepen the trade ties between the two nations. The President urged businessmen on both the sides to take leverage of the opportunities that exist while inviting Indian companies to invest in Argentina.
 
Mr. Prasanna Sarambale, National Executive Committee Member, FICCI and CEO, Data Center Business and Group Head Business Development, Sterling and Wilson Pvt. Ltd. said that there was no shortage of opportunities for India and Argentina to work together. The political and economic landscape of our two countries has witnessed wide-ranging changes.
 
The core focus of both the countries are inclusive growth, sustainable development and thriving business entrepreneurship, he added. Many leading Indian companies like Sterling Wilson, Bajaj, Cognizant Technologies, TAFE, Tata Consultancy Services, United Phosphorus Ltd. etc. were actively participating in development process of Argentina, he informed the delegates.
Mr. Adi Godrej, Past President, CII & Chairman, Godrej Group, said that the current administration has stepped up and liberalized the Argentine economy by lifting capital controls, floating the Peso, removing export controls on commodities, cutting energy subsidies, and reforming the country's official statistics. He added that it was a positive sign of the country's commitment towards strengthening the cooperation and exploring new avenues. It is important to increase the two-way investment flows to further strengthen our ties in sectors of mutual interest, added Mr Godrej.
    
Source: Business Standard



N-E potent to become global trade hub: ASSOCHAM

Feb 21, 2019

Inaugurating the 2 Emerging North East 2019 here on Wednesday, Uday Kumar Varma, Secretary General, ASSOCHAM, said, Northeast enjoys locational and resource advantage to be promoted as an international trading and commercial hub.
 
This year Emerging North East 2019 aims to strengthen the industries like tourism, horticulture, food processing, agriculture etc. this will not only help India in becoming a major economic superpower but will also open immense opportunities for employment, income generation leading to poverty alleviation and social sustenance in a comprehensive way, fulfilling the dreams of millions of our compatriots.
 
Therefore, attracting business in Northeast India for the overall well being of the region is our top priority now. We are making efforts to create interventions for building business partnership and have fruitful meetings & discussions to grow North East’s footprints all over India.
 
Emerging North East 2019 aims to highlight and showcase the potential of this region in sectors like agriculture, horticulture, food processing, livestock, rural development, infrastructure, energy, social and development sectors. With developing commercial links, Northeast India can become a prosperous doorway to India’s future and get on to the world stage by taking up opportunities offered.
    
Source: Theshillongtimes.com



India's year-on-year sugar production till Feb 15 up by 7%, says ISMA

Feb 21, 2019

India's sugar production in 2018-19 season till February 15 is higher by 7.7% over same period of previous year as the total production has hit 21.93 million tonnes, said industry body Indian Sugar Mills Associaiton (ISMA). 
 
A release from ISMA said: As on 15th February, 2019, 507 sugar mills in the country have produced 219.30 lakh tonnes of sugar, as compared to 203.55 lakh tonnes produced by 494 mills on the corresponding date last year. Higher production this year is mainly because Maharashtra and Karnataka sugar mills started their crushing earlier this year. Overall, the country is expected to produce less sugar this season as compared to last season.
 
According to ISMA, in Maharashtra, sugar production till 15th February 2019 was 82.98 lakh tonnes, compared with 74.74 lakh tonnes produced last year same period. In the current 2018-19 SS, 6 mills have closed their crushing operations in the State while 187 sugar mills are operating, as against 183 mills operated last year on the corresponding date. Due to early start of mills in Maharashtra, the mills therein are expected to close earlier than last year, especially when the sugar production from Maharashtra will be less than last year. 
 
In U.P. 117 sugar mills are in operation and they have produced 63.93 lakh tonnes of sugar till 15th February 2019, compared with 64.54 lakh tonnes produced by 119 mills on the corresponding date of last year. The sugar recovery achieved this season is about 0.77% more than what was achieved so far during the last season, but the yield per hectare is lower than last year, because of which the total production in U.P. will be less than last year. 
 
In case of Karnataka, till 15th February, 2019, mills have produced 38.74 lakh tonnes of sugar, 10 mills have closed their operations in the State while 57 mills are in operation. During the corresponding period last year, 52 mills had produced 30.73 lakh tonnes sugar. 
 
    
Source: Economictimes.indiatimes



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