India pruning negative list Envoy says as footwear show begins

India is pruning more products off its negative list to make overseas
trade easier, said the country's high commissioner to Bangladesh
yesterday. Pinak Ranjan Chakravarty said now the number of products
on the negative list is 400 , which were 700 a few years ago. The
envoy called upon both the Bangladeshi and Indian businessmen to come
up with joint venture investment to increase bilateral and regional
trade. He was speaking at the inaugural ceremony of the fourth
'Buyer-Seller Meet cum Exhibition' of Indian footwear components and
accessories at Bangabandhu International Conference Centre in Dhaka.
India, the second largest footwear products maker in the world,
manufactures footwear and accessories worth $7 billion a year of
which products worth $3.6 billion are exported. Chakravarty
suggested that the Bangladeshi businessmen and entrepreneurs hold
seminars, organise road shows and conferences abroad to attract more
foreign investors. Council for Leather Exports India and Indian
Footwear Components Manufacturers' Association organised the two-day
exhibition, participated by 23 Indian footwear companies. Saiful
Islam, president of Leather goods and Footwear Manufacturers and
Exporters Association of Bangladesh, said a process is underway to
set up a joint venture of footwear accessories in the country. He
said Bangladesh started exporting footwear in 1990 when there was
only one exporter, but now 70 companies export shoes with an average
30 percent export growth over the last few years. "The total annual
turnover will be half a billion dollar if we can use 60 percent raw
materials from the local market," he said.