India to be partner country at Czech Republic engineering fair

India to be partner country at Czech Republic engineering fair

India Blooms News Service | 20 Apr 2017

New Delhi, Apr 20 (IBNS): Seeking bigger market in eastern Europe, India will participate as a partner country in the prestigious MSV Brno Fair for technology and engineering in Czech Republic , in October this year.

The engagement would further cement trade and investment ties between the two countries, said Czech Republic Ambassador to India Milan Hovorka in New Delhi.

India had participated in this fair earlier as well. "India had a spectacular presence in 2012 edition of the fair in the dynamic city of Brno , with participation of  113 companies," Hovorka said expressing hope that this year again, a strong Indian participation would be visible at the fair.

He was speaking as a chief guest at the award ceremony of the EEPC India Northern Region, on April 19.

He said business and industry of both the countries can benefit immensely in the areas of cutting-edge sustainable technologies, pioneering research and development, world-class management, and leadership in environmental sustainability. 

"India’s participation at MSV Brno International Engineering Fair is therefore a part of a sustained effort to strengthen our strategic relations with Czech Republic’s dynamic manufacturing sector." he said.

The Indian Commerce and Industry Ministry has implemented an initiative of technological up-gradation for boosting engineering manufacturing and exports through EEPC India as the lead implementing agency.

"The future growth and competitiveness will be anchored in productivity, innovation and the skills of our workforce. We have to gear up to move to the next phase of industrial development with technology up-gradation as our industry has to outperform not just domestic but global competitors." he said.

Bilateral trade relations between the two countries have been growing at a rapid pace. "I aspire the bilateral trade between the two countries to reach USD 1.3 billion by the end of this year", the Ambassador said. 

Complimenting the award winnders, EEPC India Chairman T S Bhasin said engineering sector enjoys a major share of over 26.4% of total Indian merchandise export.

There has been a 195.5% rise in cumulative FDI flows into Indian Engineering Industry during 2010-2016 which testify the lucrativeness of this sector.

Now, the importance of engineering sector in India is reflected in the fact that it is by far the largest segment of Indian industry and the sector accounts for 25 percent of India’s total factories in the organized sector and contributes around 35 percent of total output in the country.

This sector is also the largest foreign exchange earner for India at present.Government is aiming at raising the share of India’s manufacturing sector from 16% in GDP to 25%.

India to be partner country at Czech Republic engineering fair

India Blooms News Service
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