Ecuador targets $1 bn export to India by 2010

IndiaTimes 1/8/2008
KOLKATA: Ecuador is targeting nearly $1 billion in total volume of exports to India by 2010, the South American nation's ambassador said here Friday.

"We are targeting $1 billion of export to India in the next two years. This apart, we are looking at better trade and economic cooperation between both the countries with a focus on sectors like mining, oil, wood, floriculture and tourism to attract investment from India," Ecuadorian ambassador Carlos Abad told reporters here

He said exports from Ecuador to India was worth about $110 million last year and it's likely to increase to $120 million by the end of the current financial year. He was speaking in an interactive session organised by Merchants' Chamber of Commerce (MCC).

Abad said the Indian exports to the South American nation were around $52.23 million in 2006-07 and the total imports was valued at $11.5 million.

India exports vehicles and accessories, organic chemicals, iron, steel and pharmaceutical products to Ecuador and imports products like tropical wood, crude oil, tea, coffee, scrap iron and steel from there.

"Ecuador is the world's largest exporter of flower. We have the expertise and a huge market in entire Europe. We can improve the quality of floriculture in India and train people with our practical know-how," the envoy added.

He said Ecuador is also trying to foray in the floriculture markets in Japan, Malaysia and the Middle East.