Encouraged by a rise in engineering exports to Latin America in an otherwise subdued international scenario, 80 top Indian exporting firm will be showcasing their hi-tech products and designs at an international convention 'INDEE' at Peru , beginning August five.

Being organised by the EEPC India, the two-day exhibition will see participation of large, small and medium companies from India which are eyeing the robust Latin American market for reaching out to new export destinations in the backdrop of weak global demand.

While total engineering exports from India declined by 5.80 per cent during April-May,2015, the shipments to Latin American markets increased by over 10 per cent to $550 million from $459 million in the corresponding months of the previous fiscal. "Within Latin America, Peru holds a pivotal position. Once India and Peru are able to negotiate a successful Free Trade Agreement (FTA), the bilateral trade would see a quantum jump. Since the FTA would cover investment as well, there should be lot more cooperation in setting up manufacturing and assembly units in each other's territory with a view to serve a larger market from these facilities", chairman of the EEPC India, Anupam Shah said.

He said, the commerce ministry, too is encouraging exporters to look beyond the traditional markets to diversify their portfolio.

INDEE-Peru is a part of the international convention where over 1200 global firms would participate, giving the Indian exporters opportunities to strike new deals and forge a higher level of relationship not only with the Latin American companies but also those doing business with the business. " Our members will showcase some of the best technologies in the areas of metallurgy, automotive and machine tools," the EEPC chairman said.

Peru is one of the freest economies in Latin America. The average custom duty on our products is 1.37 per cent. In recent years, the bilateral trade has shown an enormous growing tendency, from $80 million in 2003 to more than $1,317 million in 2013. In 2014, the Peruvian exports to India reached $321 million and $837 million of import from India. The bilateral trade includes mining, agricultural, fisheries, textiles, and chemical products. In sum, the bilateral trade has increased 10-fold in one decade. There is a considerable potential for both countries to enhance trade and economic cooperation in engineering products and services.

Indian exports to Peru include automobiles and motorcycles, other vehicles, along with electrical power transformers and other products, with various high-tech components among them. In the case of Peru, exports to India include electrical power transformers, looms for embroidery, and hyperbaric chambers. In all the above-mentioned cases, there has been an increase of 30 per cent in the last year.

Source:- economictimes.indiatimes.com