The Hindu : Kerala / Kochi News : Trade, industry hail foreign trade policy

Online edition of India's National Newspaper
Wednesday, Sep 01, 2004

Kerala

Kerala - Kochi

Trade, industry hail foreign trade policy

By Our Staff Reporter

KOCHI, AUG. 31. Trade and industry here have welcomed the foreign trade policy for 2004-2005.

In a statement here today, the Cochin Chamber of Commerce and Industry president, A.K. Nair, welcomed the UPA Government's strategy to double India's percentage share of global trade by 2009.

The new scheme to establish Free Trade Zones and Warehousing Zones is a "positive initiative'', the release said.

Boost to growth

The new policy would give a big push to the export growth, the Kerala Chamber of Commerce and Industry president, V.M. Liaquat Ali, said in a statement.

Exemption of export-oriented units from service tax and exempting exporters having Rs. 5 crores turnover from furnishing bank guarantee would boost export, the release said.

Agro-industry and food processing industry were given importance in the policy and allowing foreign direct investment in free trade zones was a welcome step, it said.

The Indian Chamber of Commerce and Industry too welcomed the new policy. Its president, P.M. Muraleedharan, said the policy document was "well-designed for export promotion''.

The policy gave adequate thrust to the manufacturing, marketing as well as service and export sectors to facilitate the export of traditional and non-traditional items, he said.

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