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Chamber seeks Czech investment

Staff Reporter


Czech market has potential for readymade garments, says memorandum


MADURAI: The Tamil Nadu Chamber of Commerce and Industry has sought industrial investment from Central European country of Czech Republic in southern districts of Tamil Nadu.

A delegation comprising chamber senior president S. Rethinavelu, president N. Jegatheesan and former president V. Neethi Mohan met the Ambassador of Czech Republic to India, Miloslav Stasek, at Chennai recently and held consultations on improving trade.

The Czech market had tremendous potential for readymade garments. Exports recorded a year-on-year increase of three-fold in 2008, a memorandum presented to the Ambassador said. India and Czech Republic have also signed a Double Taxation Avoidance Agreement and Bilateral Investment Protection and Promotion Agreement. Between January and July 2010, Indian exports to Czech grew by 19 per cent to touch US $ 318 million with Czech exports to India touching $427 million, an increase of 48 per cent.

The Chamber officials pointed out that southern Tamil Nadu boasted of more than 75 engineering colleges that churn out 35,000 technical graduates every year and already had a strong base in apparel manufacturing, granites, food processing industries, fresh fruits, flowers, vegetables, auto parts and accessories.

The Madurai Airport was also recently upgraded with the opening of a Rs. 130 crore high-tech integrated terminal and could soon get international connectivity.

The State Government was also planning to develop a special economic zone in Madurai-Tuticorin corridor. It was also offering attractive concessions to industries that were ready to make investments in excess of Rs. 50 crore in southern districts.

Highlighting these points, the chamber delegation said that Czech Republic, which joined the European Union in 2004, could expand their manufacturing of its renowned road vehicles, power and electric machinery by investing in south Tamil Nadu and exporting them to Asian markets, a press release said.

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