UAE Trade Pact To Benefit T-State Most
India’s largest freshwater aqua park, Textile Park coming up Telangana, says top official Dr E. Vishnu Vardhan Reddy.
HYDERABAD, July 28 (The CONNECT) – Hyderabad District has emerged world’s number one destination for the largest number of USFDA-approved pharmaceutical companies for a single province with 214 units, followed by New Jersey with 189.
Stating this, Dr E. Vishnu Vardhan Reddy, Special Secretary, Investment Promotion & NRI Affairs, said Telangana is ideally positioned to take advantage of free trade agreements such as Comprehensive Economic Partnership Agreement (CEPA) with the UAE.
He was addressing Business Session on Comprehensive Economic Agreement (CEPA) and Related Business Opportunities organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI) in association with UAE-India Business Council (UIBC), New Delhi. Aaref Alnuaimi, Consul General of UAE at Hyderabad was the chief guest.
Dr Reddy, who is also the Joint Managing Director of Telangana State Trade Promotion Corporation (TSTPC), said the state has got a huge potential. One-third of human vaccines are produced here. Accounting for 40 per cent of the total bulk drug production in India, Telangana is known as the bulk drug Capital of India.
He said gems and jewellery and food processing are among other sectors with export potential. Telangana beat Punjab in rice production. Five Colours revolution – green, white, yellow, pink and blue – will propel Telangana to the next phase of growth.
India’s largest freshwater aqua park is coming up in Telangana. India’s biggest Textile Park “Kakatiya Mega Textile Park is coming up in Warangal spread over 1350 Acres. It boasts of fibre to fashion. The state has identified Furniture and Toys as a new emerging sector to focus on. A focused Toys Park, an exclusive Furniture Park, and a dedicated Gems and Jewellery Park are also coming up in the state. The state is also working on revamping its export strategies, Dr Reddy said.
Giving his welcome address, the newly sworn-in president of FTCCI Meela Jayadev said CEPA is the growth engine for India-UAE bilateral trade and makes a significant impact on India’s bilateral trade with the UAE especially India’s exports to the UAE. India is UAE’s second-largest trading partner accounting for 9% of its total foreign trade and 14% of non-oil exports. Also, the UAE is India’s third biggest trade partner. FTCCI works with larger industries, MSMEs and small businesses and we have seen big potential in our exporter members from Telangana contributing significantly to our country’s exports.
Sharad Agarwal, CEO-India, Emirates NBD Bank and Board Member of UIBC gave opening remarks. India and UAE’s long friendship was further cemented with CEPA. CEPA is a game changer. It helps in the speed of processing of trade.
A panel discussion on Business Opportunities Post India-UAE CEPA was held. It was moderated by Kunal Wadhwa, Partner PwC. Giving his opening remarks explained how CEPA is different from FTA (Free Trade Agreement)
Anurag Sehgal, MD of Price Waterhouse & Co. LLP said the international trade community is looking at India as the most reliable and secure trade partner.