Engineering Export Promotion Council to focus on ASEAN market

Kolkata, Sep 30 (IANS) Engineering Export Promotion Council of India (EEPC) is now focusing on the Association of Southeast Asian Nations (ASEAN) market to cope with the volatility in the global financial market, a top official said here Tuesday.

'ASEAN countries are natural market for us, especially during the subprime crisis in the US,' EEPC chairman Rakesh Shah told reporters.

India's engineering export to Southeast Asian countries is almost 30 percent of its total export of $33 billion.

'Volatility in the US market is creating hardship for us. While the medium and small exporters went for hedging, micro importers did not go for that,' Shah said.

The company now plans to look at countries like Indonesia, Thailand and Singapore.

Malaysia is the largest importer of Indian engineering goods. 'The export to Malaysia is likely to double in the next three years,' Shah said.

Bilateral trade between India and Malaysia grew by 23 percent in 2007.