Japan has huge export potential in pharmaceuticals sector, exporters body Federation of Indian Export Organisations (FIEO) said, while addressing the session on Trade and Business Opportunities between India and Japan.
FIEO president Sharad Kumar Saraf said India’s export of US$1 7.6 billion to Japan, does not reflect the true potential of trade between the two countries.
Saraf said the federation has launched India-Japan Business Group, an online platform, to promote interaction between business communities of the two countries for promoting exports, imports and investments.
FIEO has also signed a Memorandum of Understanding (MoU) with Japan-India Industry Promotion Association to promote trade between India and Japan. The MoU shall pave the way for greater cooperation and interaction between the two premier institutions.
“India’s share in pharmaceutical and medical and surgical equipment requires massive improvement,” Saraf said.
President Sharad Kumar Saraf said India’s export of US$ 17.6 billion to Japan does not reflect the true potential of trade between the countries.
Indian pharmaceutical companies need to take bold strategic moves into uncharted territories like making big bets on markets like Japan, according to Indian Pharmaceutical Alliance (IPA).
“During the first quarter results of the fiscal year 2019-20, exports to Japan shot up by 32 per cent respectively. To sustain the growth, we need to penetrate Japan market in a big way,” Pharmaceuticals Export Promotion Council of India (Pharmexcil) Uday Bhaskar, Director General, said.
FIEO is the apex body of Indian export promotion organizations which was set up jointly by the Ministry of Commerce, Government of India and private trade and industry in the year 1965. The organisation is responsible for representing and assisting Indian entrepreneurs and exporters in foreign markets. FIEO’s direct members contribute more than 70 per cent of India’s exports.
Source : 1