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Govt sets up Fund to promote investment in CLMV Countries

By TIOL News Service

NEW DELHI, MAR 29, 2017: THE Government has created a Project Development Fund (PDF) for Cambodia, Laos, Myanmar, Vietnam (CLMV) countries to facilitate Indian Investment & broaden manufacturing base of Indian companies in the region.

Some of the major steps taken by the Department of Commerce to promote exports are:

i. The New Foreign Trade Policy (2015-20) announced on 1st April, 2015 with a focus on supporting both manufacturing and services exports.

ii. FTP 2015-20 provides for new measures for increasing exports of goods & services including new schemes like Merchandise Exports from India Scheme (MEIS) and Services  Exports from India Scheme (SEIS).

iii. Launching of a new scheme “Trade Infrastructure for Export Scheme(TIES)” with the objective to enhance export competitiveness by bridging gaps in export infrastructure, creating focused export infrastructure, first mile and last mile connectivity for export oriented projects and addressing quality and certification measures.

iv. Implementation of the NiryatBandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small & Medium Enterprises (MSMEs) and mentor them through orientation programmes, counseling sessions, individual facilitation etc. on various aspects of foreign trade.

v. Single Window Interface for Facilitating Trade (SWIFT) clearances project launched on 1st April, 2016 as part of “Ease Doing Business” initiatives.

vi. Launching of Interest Equalization Scheme on pre & post shipment credit to provide cheaper credit to exporters.

vii. Facility of access to duty free raw materials and capital goods for exports through schemes like Advance Authorization, Duty Free Import Authorization (DFIA), Export Promotion Capital Goods (EPCG) and drawback/refund of duties.

viii. Financial support  to Trade Organizations for Exhibitions/fairs/buyer-seller meet/ B2B meetings, market research etc.

This information was given by the Commerce and Industry Minister Ms. NirmalaSitharaman in a written reply in Rajya Sabha today.


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