India’s exports to ASEAN expected to reach 46 billion USD

Illustrative image (Photo: The Hindu)

New Delhi (VNA) - Union Minister of State for Commerce and Industry Anupriya Patel has said that India is expected to export 46 billion USD worth of goods to the Association of Southeast Asian Nations (ASEAN) in the fiscal year 2021-2022, ending in March 2022.

While addressing the inaugural session of the “India-ASEAN Engineering Partnership Summit” on August 24, Patel said as one of the largest destinations for Indian exports, ASEAN will be a major region for India with an export target of 46 billion USD, in meeting the global export target of 400 billion USD in the financial year 2021-2022.

Patel also affirmed that both India and ASEAN have large numbers of skilled workers, strongly developed service and manufacturing sectors, and have many complementary sectors and products that can help expand cooperation.

With a combined economic volume of approximately 5.8 trillion USD, the two sides have considerable potential to strengthen their bilateral trade and investment partnership. In addition, Patel also noted that the ASEAN region is the third largest export destination of Indian engineering products after the European Union (EU) and North America.

The India-ASEAN Engineering Partnership Summit, organized by the Technical Export Promotion Council in collaboration with the Ministry of Foreign Affairs and the Ministry of Industry and Trade of India, attracted the participation of more than 300 delegates from the tech industry of India and some ASEAN countries./.

VNA