Unfazed by global headwinds and forces of protectionism in some of the leading economies , India will showcase its technological and engineering prowess to top international firms at the 6th edition of the International Engineering Sourcing Show(IESS) at Chennai , expecting significant business deals during the three-day event, beginning March 16.
As many as 400 top global exhibitors , besides over 500 foreign delegates, would participate in the flagship event, being supported by the Commerce Ministry with Russia being the Partner Country. IESS –VI will be inaugurated by Union Minister for Commerce Nirmala Sitharaman along with her Russian counterpart Denis Manturov.
Briefing the media about the event, the EEPC India Chairman , T S Bhasin , said ” India had a long standing partnership with Russia in engineering. In fact, the Soviet Union , of which Russia was the largest member , had contributed immensely to the large Indian public sector units which steered the economic and industrial directions of our country, immediately after Independence”.
A large 200-company delegation from Russia would be exhibiting their technology and products at the IESS 2017. The bilateral trade between India and Russia stood at USD 6.17 billion in 2015-16. Several measures, including an agreement on a free trade zone between the Eurasian Economic Union (EAEU) and India will help increase the bilateral trade with Russia to USD 30 billion by 2025.
Delegates from Algeria, Benin, Botswana, Egypt, Ethiopia, Ghana, Kenya,Namibia, South Africa, Uganda, Vietnam, Germany, UK, Brazil, USA, UAE, Bangladesh, Sri Lanka, Ukraine and Uzbekistan would also participate in the IESS, which has emerged as one of the most prestigious sourcing shows in the world.
Bhasin said while the engineering exports have started growing again, the growth has come about on a low base which had formed because of sluggish performance in the last few years. “However, despite concerns of protectionism from the US , the focus of the Trump Administration on big investment on infrastructure projects would boost the global demand for the engineering products. So, instead of seeing as a challenge , Indian exporters must look the unfolding scenario as an opportunity in the US”,Bhasin said.
IESS, across its five previous editions, has left an indelible footprint of success. This time , the IESS is being taken to Chennai, the nerve-centre of south India.
The fifth edition of IESS , held during 24-26 November 2015 in Mumbai attracted 450 delegates from 55 countries, in Asia, Africa, Europe, North America and Latin America, 10,000 professional visitors.
India’s engineering exports are likely to reach USD 62 billion in the fiscal 2016-17, on the back of revival of demand in the US and for select products like iron
For the April-January period of ten months of the current fiscal, the engineering exports have touched a figure of USD 50.87 billion , far exceeding the total shipments of USD 49 billion in the entire financial year of 2015-16.
The monthly shipments have now been about or above USD five billion this fiscal. For January, 2017 engineering exports aggregated USD 5.29 billion , showing an increase of over 12 per cent over the same month last fiscal.
