February 2013 ♦ Vol. 9 ♦ No. 2 ♦ 1 February 2013 Industries Commissionerate, Government of Gujarat E-mail :[email protected]Profile of Bavaria Vol. 9 ♦ No. 2 For Private Circulation Vibrant Gujarat Summit 2013 Contents: 2-3 …… Insight 4 …… Country profile 5 …… Logistics 6-7 …… Trade News 8 …… WTO Editorial Support: P.S. Anantharaman The VGGIS 2013 is over. By all accounts it has become a global biennial investment meet, from being an event sponsored by Gujarat. The Summit has now acquired the potential to become India’s Davos for deliberating emerging economic issues. Undoubtedly this is a signal achievement for Gujarat which in 2003 hosted the event for the first time mainly to reinvent itself as investment decision within India. All the hard work done has paid off. But more important development as an offshoot of 2013 Summit is the willingness of Europe to look at Gujarat as an investment destination. It is significant that the Hon’ble Chief Minister Shri Narendrabhai Modi has invited to address European Parliament which is scheduled to meet in November this year. Ever since DMIR project took off there has been a surge of interest in Japan in investing in Gujarat. If Japan comes South Korea and China cannot lag behind. So it makes sense to secure and enhance presence in Gujarat where investments always accrues profitable returns. It is clear that Europe in the wake of 2002 incidents in the state put preferred other regions in India to Gujarat for investment. Perhaps Europe now after doing a review of its stance has concluded that it may not be prudent to overlook Gujarat. This is a very welcome approach. Editor’s Note With Vibrant Gujarat Summit 2013 focusing on development of small and medium enterprises (SMEs) in Gujarat, Chief Minister Narendra Modi has exhorted entrepreneurs to come together and create a ‘Made in Gujarat-India’ brand for products manufactured by SMEs. “We have to create a brand of ‘Made in Gujarat-India’ on the lines of ‘Made in Japan’. The brand creation would represent state SMEs and assure good quality and credibility,” the chief minister stressed while addressing a seminar on ‘SME Convention — Growth through Competitiveness during the closing session of the Summit. He also emphasized on creating awareness about patent registration by SMEs and disclosed that there will be a dedicated unit for SMEs in the industries department which will help entrepreneurs in taking patents to safeguard their knowledge and innovations. The SME sector witnessed Rs 2,400 crore worth of investment proposals “The Five Pillars of Prosperity : Agriculture, Manufacture, Navigation, Information Technology, Commerce” GoG-AMA Centre for International Trade by 12,800 SMEs in the field of manufacturing, design and innovation. To meet the manpower requirement of industries, the State Government will also set up skill development centres close to industrial clusters. The Government is also exploring the need for changes in the academic syllabus for the institutes and universities. Gujarat has more than four lakh SMEs which manufacture a wide range of products. The state industrial policies so far have devoted special attention to measures to further their growth. 2-3 PAGE: 4 PAGE: 6-7 PAGE: Trade News
The VGGIS 2013 is over. By allaccounts it has become a globalbiennial investment meet, from beingan event sponsored by Gujarat.The Summit has now acquired thepotential to become India’s Davos fordeliberating emerging economicissues. Undoubtedly this is a signalachievement for Gujarat which in 2003hosted the event for the first timemainly to reinvent itself as investmentdecision within India. All the hard workdone has paid off.But more important development asan offshoot of 2013 Summit is thewillingness of Europe to look atGujarat as an investment destination.It is significant that the Hon’ble ChiefMinister Shri Narendrabhai Modi hasinvited to address EuropeanParliament which is scheduled tomeet in November this year.Ever since DMIR project took off therehas been a surge of interest in Japanin investing in Gujarat. If Japan comesSouth Korea and China cannot lagbehind. So it makes sense to secureand enhance presence in Gujaratwhere investments always accruesprofitable returns.It is clear that Europe in the wake of2002 incidents in the state putpreferred other regions in India toGujarat for investment. PerhapsEurope now after doing a review of itsstance has concluded that it may notbe prudent to overlook Gujarat. Thisis a very welcome approach.
Editor’s Note With Vibrant Gujarat Summit 2013focusing on development of small andmedium enterprises (SMEs) inGujarat, Chief Minister Narendra Modihas exhorted entrepreneurs to cometogether and create a ‘Made inGujarat-India’ brand for productsmanufactured by SMEs.“We have to create a brand of ‘Madein Gujarat-India’ on the lines of ‘Madein Japan’. The brand creation wouldrepresent state SMEs and assuregood quality and credibility,” the chiefminister stressed while addressing aseminar on ‘SME Convention —Growth through Competitivenessduring the closing session of theSummit.He also emphasized on creatingawareness about patent registrationby SMEs and disclosed that there willbe a dedicated unit for SMEs in theindustries department which will helpentrepreneurs in taking patents tosafeguard their knowledge andinnovations.The SME sector witnessed Rs 2,400crore worth of investment proposals
“The Five Pillars of Prosperity :Agriculture, Manufacture, Navigation,Information Technology, Commerce”
GoG-AMA Centre for International T rade
by 12,800 SMEs in the field ofmanufacturing, design and innovation.To meet the manpower requirementof industries, the State Governmentwill also set up skill developmentcentres close to industrial clusters.The Government is also exploring theneed for changes in the academicsyllabus for the institutes anduniversities.
Gujarat has more than four lakhSMEs which manufacture a widerange of products. The state industrialpolicies so far have devoted specialattention to measures to further theirgrowth.
2-3PAGE:
4PAGE:
6-7PAGE:
Trade News
2 ♦ Vol. 9 ♦ No. 2 ♦ February 2013
INSIGHT
2
a large number reflects the love ofpeople across the world for Gujarat.This bond is priceless which isstronger than branding”.
In terms of numbers the eventwitnessed presence of 58000delegates. The number of foreigndelegates was 2100 compared to1400 during the 2011 summit.
Making a qualitative assessment ofthe Summit, the State secretaries forIndustry noted it had brought intosharp focus four important facets:Innovation, Sustainability, YouthDevelopment and the need for buildingup a Knowledge society. The Summitdeliberations were not confined todevelopment issues relating to India.International economic issues toowere discussed.
The VGGIS Summits has placedGujarat on the global map in the lastdecade and within the state it hasgenerated positive perceptions withregard to ease of doing business.
Published media reports noted thatthe state government is setting up an
investor facilitation portal for trackingprogress on Summit’s outcomes. Theportal will be managed by TataConsultancy Services.
In his inaugural address, ShriNarendra Modi hoped that the Summitwill transform into a light house forsustainable development. He furthernoted that summit has evolved into atruly international affair thanks to thesupport and trust of investors andentrepreneurs within India and aroundthe world. The event is an example ofthe evolution and institutionalizationof a good intention. A positivemessage for the global economy wasthe expectation from the Summit.
He thanked Japan and Canada fortheir continued partnership VGGIS aswell as other partners particularly CII,JETRO, joint business councils ofUSA and Australia besidesAmbassadors and HighCommissioners to India whoconverged at the Summit.
Coinciding with Summit, an Exhibitionwas organized with more than athousand national and internationalcompanies are displaying theirproducts and processes. Business toBusiness meetings were held.
Canadian representatives indicatedthat the Canadian trade centre inAhmedabad could see itselfupgraded. British envoy also hintedthat plans are afoot to make Britishembassy chapter in Ahmedabadequivalent to Mumbai facility.
Speaking at the valedictory functionof the Vibrant Gujarat Summit 2013at Mahatma Mandir in Gandhinagar
The Sixth edition of Vibrant GujaratGlobal Investors Summit (VGGIS) wasa big success. There was participationby 121 countries, the highest so far.Virtually all Indian states too attendedthe two-day summit.
Welcoming the foreign participation,the chief minister observed that theSummit has created newambassadors in 121 nations andremarked,” “The participation in such
(The sixth edition VibrantGujarat Global InvestorsSummit held last month was aresounding success just as allthe previous summits havebeen. In fact Honourable ChiefMinister Shri. Narendra Modideclared that participants willmeet again 2015. The FTUPDATE takes a detailed lookat the 2013 summit).
Contd. on next page
Vibrant Gujarat 2013
Dr. P.V. Desai, Academic Advisor, AMA with other co-speakers from The WorldBank, Common Wealth Nations etc. at the International Conference on HigherEducation held as a part of The Vibrant Gujarat 2013.
February 2013 ♦ Vol. 9 ♦ No. 2 ♦ 3
INSIGHT
3Contd. from previous pageMr. Maheswar Sahu principalsecretary for industries observed that31 thematic sessions were heldcompared to eight during 2011. Whilein 2011 summit there were 251renown speakers, this time the figurewas as high as 840.
According to Mr. Sahu, in 2011 therewere 8380 investment intentionsreceived, while this time the figure was17719 adding that major chunk ofthese intentions was from small andmedium enterprise sector.
While employment generated in thissector in 2011 was as high as 2,25,670, this time in the Vibrantsummit 2013 the figure is estimatedat 3, 73,000.
Mr. Sahu said that Investmentintentions in SME sector in 2011 were4417, while this time they are 12886.He said 80% of these proposed unitswill start production in two years.
Coinciding with Summit, an Exhibitionwas oranised with than a thousandnational and international companiesare displaying their products andprocesses
A highlight of the Summit was thediscussion on ‘Rurbanization’.Modeled on the concept of creating‘Big Villages’ with rural soul but withan urban feel and all amenities that acity has, Rurbanisation is meant tofurther spur balanced development.Creation of infrastructure -connectivity, civic and socialinfrastructure along with provision ofalternative employment opportunitiesare the key pillars that the concepthinges on. Key topics of discussionincluded the current and future role ofgovernment, private and social sectorin implementing Rurban initiatives.Key initiatives talked about were goodinternal and external connectivity,quality educational and healthinfrastructure development, mass
The 2013 summit went beyondattracting foreign investment intoGujarat. The Summit focused oncritical issues like Innovation andTechnology, Sustainability, Youth andSkill Development and KnowledgeSharing and Networking whichimpacted both Indian and the globaleconomy.
The Australia-India Business Councilwhich was a co-partner to the summitdescribed Vibrant Gujarat 2013 as anunrivalled platform for exploringbusiness opportunities, sharing bestpractices and interacting with thepeople who mattered. The focus oneducation, knowledge industries andyouth development will put thespotlight on some of the most keyissues facing global economies asthey strive towards inclusive andbalanced development.
Captains of Indian industry and thearray of foreign diplomats whoparticipated hailed Gujarat’seconomic progress which they opinedas both “Visionary and Futuristic”.
The Summit was also perceived as aplatform that brought together leadingnational economies, Indian States,policy makers, business leaders,multinational corporations, SMEs,investors and opinion makers fromacross the length and breadth of theworld.
A vital consequence for Gujarat dueto the Summit is that the state could
attract substantial investments in theport sector as International portauthorities and port operatorsincluding major players like IsraelPorts Company and Port of Antwerpwill share technical and managementexpertise with private port operatorsin Gujarat.
Hon’ble Chief Minister, ShriNarendrabhai Modi in his valedictoryobservations said the Summit wasabout “finding solutions” to the impactof global slowdown because it affectedthe quality of life in varying degreesof billions of people. But he also notedthat despite the slowdown Gujarat didreasonably achieving a growth rate of10%...
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4 ♦ Vol. 9 ♦ No. 2 ♦ February 2013
COUNTRY PROFILE
4
Bavaria is Germany is like Mumbai ofIndia and even more. It is Germany’ssecond most populous stateafter North Rhine-Westphalia. Bavariahas long had one of the largest andhealthiest economies of any region inGermany, or Europe for that matter.
Its economy is highly diversified andis home to global players such asAllianz, Audi, Adidas, BMW, MAN,Puma or Siemens the well knowninternational brands. In addition, a verybroad range of highly innovative smalland medium sized enterprises aredomiciled in Bavaria as well as manyhidden champions.
The motorcycle and automobilemakers BMW (Bayerische Motoren-Werke, or Bavarian Motor Works)and Audi, Allianz, Grundig(consumerelectronics), Siemens (electricity,telephones, informatics, medicalinstruments), Continental (AutomotiveTire and Electronics), Adidas, Puma,HypoVereinsbank (Uni CreditGroup), Infineon and Krauss-MaffeiWegmann have (or had) a Bavarianindustrial base. With regard to itseconomic strength, Bavaria ranksnumber 8 within the European Union(27), after Germany, Great Britain,France, Italy, Spain, Poland and , theNetherlands
The Bavarian GDP exceeds 20 of the27 EU member countries, even thoseof Austria, Belgium, Denmark orSweden. The trade relations between
(Occasionally FtUPDATE has been profiling a region within a countrywhich on its own has strong trade links different countries. The reason isthat the region has a big manufacturing base as well as large consumptionmarket. We therefore profile in this issue the Free State of Bavaria thelargest of Germany’s 16 federal states with more than 12 million inhabitantsis among Europe’s most powerful economic regions. India has economiclinks but the potential is more. – Editor)
Bavaria and India have gainedmomentum especially since 2003 andhave been growing steadily sincethen. Currently more than 60 Indiancompanies have already invested inBavaria.
India and Bavaria have set u theBavarian-Indian Centre for Businessand University Cooperation (BayIND)in order to coordinate and promote theuniversity cooperation betweenBavaria and India. In addition, theCentre has also been designed even
as a central service institution forcommercial enterprises.
BayIND also acts as a networking andservice platform especially for SMEsin order to support them in terms ofestablishing or expanding mutualbusiness ventures and to integrate theactivities between universities andcompanies. Therefore BayIND intendsto organize conferences, workshopsand seminars on a regular basis, thatare tailor-made according to thespecial needs and informationrequirements of SMEs.
Bavaria, with its gross domesticproduct (GDP) of 430 billion Euros,occupies 9 th position of the 27member-countries of the EU. The per-capita GDP of 34.397 Euro issignificantly higher than the Germanor European average. Bavaria isamongst the markets with the highestpurchasing power in the world.International comparative studiescertify the outstanding quality of lifein Bavaria, where especially themetropolitan regions of Munich andNurnberg top the lists again andagain.
The motorcycle and automobilemakers BMW (Bayerische Motoren-
Werke, or Bavarian Motor Works)and Audi, Allianz, Grundig(consumerelectronics), Siemens (electricity,telephones, informatics, medicalinstruments), Continental (AutomotiveTire and electronics) Adidas, Puma,Hypo Vereinsbank (Uni CreditGroup), Infineon and Krauss-MaffeiWegmann have (or had) a Bavarianindustrial base.
It may be a matter of big surprise butIndo-Bavarian relations is more than500 years old. After the sea route was
discovered in 1497/98 by thePortuguese explorer Vasco da Gama,it was some Bavarian merchants andtrading houses, which fitted out thefirst expedition to India 1505. This wasthe beginning of overseas trade withIndia and of a thriving period in Indo-Bavarian trade relations.
Bavarian-Indian trade stands at about2 billion Euros. India is now thenumber 4 among Bavaria’s mostimportant trading partners in Asia.Altogether over 1,000 Bavariancompanies already maintain businessrelations with India. More of 350 ofthem have representative offices andbranch offices or production plants oftheir own in India. So far, over 65Indian companies have set upoperations in Bavaria. Bavaria importbill is around Euro 146 billion annual.This reflects the capacity of Bavarianmarket for Indian exports if focusedefforts were made to maximize tradeexchanges.
The setting is already available. Astudy shows that Bavaria is moreknown in Mumbai and South India. Ifone looked at the manufacturing profile
Profile of
Bavaria
Contd. on page 7
February 2013 ♦ Vol. 9 ♦ No. 2 ♦ 5
LOGISTICS
5g Indian Government has approved a
proposal to allow port-terminaloperators the freedom to fix theirservice rates. All future projects willbe from port regulator Tariff Authorityfor Major Ports. A decision will alsobe taken on the status of currentprojects.
The present policy called TAMP andintroduced in 1997 following portprivatization, approves tariffs appliedat all cargo terminals in major state-owned ports, while non-major ports,which are governed by StateGovernments, are free to fix theirrates.
The move comes in the wake ofincreasing concerns that public-private-partnership projects at state-owned ports are not attractinggreater interest from privateinvestors because of pricingregulation. Besides the proposedtariff deregulation, the IndianGovernment has separately issuednew guidelines to streamline thesecurity clearance process for pre-qualified bidders and delegate moreproject approval authority to theShipping Ministry as part ofmeasures to expedite portdevelopment projects under the PPPmodel.
g Independent business informationprovider, Visiongain, has estimatedthat the value of the global air cargosecurity and screening systemsmarket this year will surpass $ 486.5million.
The Global Air Cargo Security andScreening Systems Market 2013-2023 report said air cargo securityand screening systems are a growthmarket for the private sector giventhe constant need to adopt newtechnologies.
Passengers have been the mainfocus of security but followinginternal reviews of air cargo security,
air cargo screening has beenenhanced.
Regulators and the industry havecome up with compromises toincrease screening while minimisingdisruption via trusted shipperprogrammes, allowing knownshippers to screen their own cargousing uniform standards. Byexpanding these security measuresthroughout the supply chain,business opportunities exist formanufacturers of air cargo securityand screening system technologies.
g IT has transformed ship-owners intovalued-added logistics serviceproviders. Electronic commerce willspur demand for shipping servicesby increasing trade volume ingeneral. Shipbrokers and otherintermediaries will have to adapt tosuch changes, by offering one-stopfreight services, including arrangingocean carriages, port handling,storage, insurance and inlandtransportation. Ship-owners andtheir suppliers also may soon usethe Internet for innovative purposessuch as bunker auctions, shipinspections using electronicallytransmitted data and Internet-basedclassification society records.
Information technology has becomean essential part of the rapid andaccurate transfer and processing ofenormous volumes of dataprocessed in international transportfirms and port organisations. Theproper management of systems,which process this information andcommunicate it to those whomanage port operations, is vital forefficient transport. The use ofcomparative static framework hasproved that Indian ports havewitnessed a significant technologicalmetamorphosis in the past few years
As time-based competition isintensifying any delays to the shipand its cargo are costly to everyonein the supply chain. The creative useof Information Technology (IT) will
create a benefit comparable to thatof containerisation or theconstruction of the Suez andPanama canals. Informationtechnology, especially Internet-based systems, is increasinglybeing employed in all transportservices. As shippers become moreattuned to sophisticated supplychain management, ports will befaced with both opportunities andthreats.
g Finnair will commence new, weeklyJFK-Brussels-Helsinki-Hong Kongand Hong Kong-Helsinki-Brussels-Chicago rotations in March. Theservice will operate on Saturdaysand Sundays respectively. Weekdayservices will link Chicago, Mumbaiand Hong Kong over Finnair’s mainHelsinki hub, with a Friday return toNew York allowing the cycle torepeat.
Finnair Cargo’s target is to becomeone of top five cargo carriers betweenEurope and northeast Asia, and theopening of Brussels cargo hub tostrengthen its cargo service viaHelsinki is an important step in thisvision.”
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yuû…tuxo-EB…tuxo {u™us{uLxSpecially for SME Sector
g To address Mauritius’ concerns onadulterated Basmati being exportedby India, the Commerce Ministryhas nominated the Export InspectionCouncil (EIC) as the nodal agency,which will issue a Certificate ofAuthenticity (COA) for all Basmatirice exports to Mauritius. The EICis also in the process of drafting aMoU in this regard, which will signedby the EIC and MauritiusGovernment.
To regulate the import and sale ofBasmati rice, Mauritian authoritiessought a COA to be issued by Indianauthorities for exports.
This measure was done to enhancethe export competitiveness of ricegaining access in internationalmarkets and foreign exchangeearnings for the country and addingvaluable foreign exchange.
g Exporters are pushing for a refundof state tax levies and lowered ratesfor foreign currency borrowing in theforthcoming Union Budget. Fieo, thecountry’s top exporters’ body, hasalso appealed for the creation of anExport Development Fund in its pre-Budget memorandum.
Urgent support is required to providea buffer to exporters reeling underthe impact of global slowdownaccording to Fieo President, Mr. M.Rafeeque Ahmed.Exporters areburdened with the incidence of stateand local levies. These levies aremaking our exports uncompetitive.Taxes like VAT, sales tax onpetroleum products and octroishould be refunded.
The move would create margins fora 2-3 per cent benefit to exporters,particularly those trading incommodities. Further, Fieo hascalled for abolition of Central salestax and a waiver of service tax forremittance to overseas offices of
Indian exporters in connection withproduct registration.
It suggested creation of an ExportDevelopment Fund that wouldfacilitate aggressive marketing ofproducts. It also demanded accessto the External CommercialBorrowing window for the MSMEexport sector along with awithholding tax waiver. Thesemeasures would help mend thewidening trade deficit, thememorandum has stressed.
g India’s exports declined by 5.5 percent to $214.1 billion during April-December 2012.
g India joins world’s largest tradetechnology platform bringingtogether almost 600 businesssupport organisations from 54countries, India is the latest countryto join the world’s largesttechnology platform—the EnterpriseEurope Network. Giving access tobusiness opportunities andstimulating innovation, the networkwill be pivotal in bringing the EU andIndia closer together by leveragingan existing and very successful EUtechnology platform. EnterpriseEurope Network-India will beoperated by three organisations witha wide network and reach acrossIndia—the European Business andTechnology Centre (EBTC), theFederation of Indian ExportOrganisations (Fieo) and theConfederation of Indian Industry (CII).
Small and medium sizedenterprises (SMEs) andentrepreneurs form the primarytarget group looking for cooperationopportunities. EEN-India will beproviding tailored solutions andintegrated services such asbusiness cooperation andinternationalisation; innovationservices to enhance the transfer oftechnology and knowledge; support
in accessing funding, assistance ondrafting proposals, R&D support,IPR; training and awareness raising;brokerage events and companymissions, as well as feedbackservices for enterprises to becomeinvolved in policy making.
For the EBTC, Enterprise EuropeNetwork-India will complement verypowerfully what EBTC is alreadydoing—connecting EU and Indianbusiness and researchcommunities, focusing on the cleantechnology realm and sunrisesectors such as biotechnology,energy, environment and transport.On the benefits for the growingnumber of EU companies with aninterest in India, Director of theEBTC, Mr. Poul V. Jensen, said that“placing India on the EnterpriseEurope Network map will provide EUbusiness and research communitiesa direct channel to Indiancounterparts, to collaborativelydevelop technologies and productssuitable for India, as well asefficiently market them in India.Likewise, it will be a competentinroad for EU companies to fulfillsourcing requirements.”
Reaching over 100,000 companiesrepresenting each and every tradesector across India, Fieo hopes toadd tremendous value to thebusiness communities of thecountries which are part of theEnterprise Europe Network byhelping them reach Indiancompanies.
Contd. on page 8
February 2013 ♦ Vol. 9 ♦ No. 2 ♦ 7
TRADE NEWS
7g Buyer Seller Meet
Feb 23 - Mar 08, 2012
g India Pavilionat Asia Pharma 2013February 23 - 25, 2013
g FERROFORMABRICOFORMA 2013Spain, March 12 - 15, 2013
The leading Spanish fair and aEuropean and internationalbenchmark. Since the 2004 editionthe usual sectors have been joinedby a whole range of new andextraordinarily strong markets thathad been claiming their own spacein trade fairs. FERROFORMA andBRICOFORMA, represent anunprecedented uniquecomprehensive offer in the world ofSpanish exhibitions, which coversall business opportunities
g Jordan JIMEX 2013Duration: June 03 - 06, 2013
Venue: Halls of AmmanInternational Motors Show,Amman, Jordan
Exhibit Profile: JIMEX 2013 will beThe 10th International Machinery &Electricity Exhibition.
Date of Event: 3-6/06/2013 Venue:Halls of Amman International MotorsShow / Amman - Jordan
g Golden Gate for ExhibitionsAmman, Jabal Al-Hussein,Khaled bin Al waleed St.175Al-Husaini Building Floor no : 5Office no : 404Tel: 0096265658501Fax: 009626565008
g Hannover Messe 2013The world’s most importanttechnology show is a powerful driverof investment in new technology andautomationApril 08 - 12, 2013
g India Pavilionat ITMEX Americas 2013April 02 - 05, 2013
Contd. from page 4
g Automec 2013 BrazilVenue: Anhembi Parque,Sao Paulo, BrazilApril 16 - 20, 2013
AUTOMEC is the ideal platform topromote products and services foran important business-generatingpole; a very good opportunity topresent market trends; an excellentstrategy to drive sales; strengthenbrand image, quality and services;analyze competition; build loyaltyand conquer new customers; andstrengthen relations with the highlyqualified buying public, nationwideand internationally.
of Bavaria, there should have beenbusiness links with Gujarat andBavaria. For instance Bavaria is SMEoriented as well and is strong inelectronic and plastics. As distancesdo not deter state entrepreneurs fromventuring out of national boundaries,Baviaria is an ideal destination toexplore in depth.
Already several Japanese autocompanies have established theiroperations in the Bavarian region, andnow Chinese companies have startedeagerly looking for investmentopportunities there. Basically, theBavarian auto sector has seven areasof competence like engineering,electronics, plastics, etc. To supportthe growing OEM activities in theregion, as many as 1,100 automotive-related suppliers have set upproduction facilities there. In order tofurther boost investments to the State,the local Government has also takenthe new initiative of establishing anautomotive cluster.
With Vibrant Gujarat Summit 2013having established Gujarat as theworld’s newest investment,manufacturing and trading hub andgateway to India, Bavaria isundoubtedly the most promisingregion to explore for strong andprofitable business for GujaratBusiness.
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g INDIA has said the trade facilitationagreement proposed by developedmember nations of the World TradeOrganization (WTO) forinfrastructure upgrade at Customsand ports cannot be binding andhas to have easier norms fordeveloping nations.
Further, the agreement needs to befine tuned in line with pacts in areasthat favour poorer countries, suchas elimination of cotton subsidiesand extension of compliancedeadline for the intellectual propertyagreement for least developedcountries (LDCs).
India is of the view it is essentialthat developing countries are givena longer time frame to implement atrade facilitation agreement. TheWTO has estimated that a tradefacilitation agreement could reducetrade costs by 10 per cent. Indiaalso argued that economicallybackward countries need to be givenmonetary and technical support asdeveloping electronic clearancefacilities and e-computing wouldentail huge investments.
g The WTO has launched the 2013WTO Essay Award for YoungEconomists. Young economistsare invited to submit their papersby 1 June 2013. The annual WTOEssay Award consists of a prizeof CHF 5,000 Swiss Francs) to theauthor(s) of the winning essay. Inthe case of a co-authored paper,the prize will be equally dividedamong the authors. The winningpaper will be officially announcedat the annual meeting ofthe European Trade StudyGroup (ETSG), which is currentlythe largest conference specializingin international trade. The awardceremony will take place inSeptember 2013 in Birmingham,United Kingdom. The winningauthor(s) will receive funding toattend the meeting.
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Contd. from page 6g Emerging economies are set to grow
faster than the developed economiesover the next four decades and Indiais likely to become one of the threelargest economies by 2050, says aPwC report. According to the report‘World in 2050 The BRICs andBeyond: Prospects, challenges andopportunities’, the global financialcrisis has accelerated the shift ofthe economic centre of gravity andChina is expected to surpass the
United States to become the largesteconomy in the world by 2050. Bythe year 2050, China, the US andIndia are likely to be the threelargest economies in that order,while Brazil could overtake Japan tobe the fourth largest economy.Turkey could emerge as one of thelargest European economies, whileIndonesia, Nigeria and Vietnamcould climb the ladder strongly, thereport said.
