Trade focus on Indian Ocean region

With reference to the opening of FDI in multi-brand retail.


Indian Ocean Global Forum organised CII underscored the trade relevance at South Asia, Austarlia and Africa, collectively the Indian Ocean region. Rajiv Kher, Additional Secretary of Ministry of Commerce & Industry, stressed on creating a competitive regional value chain. He pointed out that the time is right now for building up trade arrangement amongst the South Asian manufacturers. After 2006, following several faltering at the Doha Rounds, it became imperative for India to have trade relationships with eastern countries, instead of heavily relying towards the western countries. The region will also work on regional technical revolution and India has already built up technology regulatory framework, he informed. Saurabh Chandra, Secretary , DIPP told that to encourage foreign investment the India government has lowered down the interest on foreign loan from 20 - five per cent, and permitted 49 per cent FDI in airlines and power exchanges, 74 per cent  FDI in foreign broadcasting, besides 100 per cent and 51per cent FDI in single brand  and multi- brand retail respectively.