| The Export Import (Exim)
Bank is likely to approve its first lines of credit to
Chile soon with a thrust on agri-products and processed
food. This initiative will significantly boost bilateral
trade between India and Chile, which at present is estimated
at $320 million.
Sunil Trikha, general manager, Exim Bank, said the
bank was aggressively looking at the Mercosur region
to extend fresh lines of credit. 'The Mercosur countries
have great potential and we will explore the possibility
of expanding the scope of operation there,' he said.
Mr Trikha said Brazil, Mexico, Argentina were rapidly
growing economies and Chile had become an associate
member of Mercosur.
Mr Heine added Indian exports grew over 11 fold in
the last 11 years from $7 million to $82 million in
2002. 'Chile’s exports also grew from $30 million
to $180 million during the same period. As the exchanges
of business delegations from either side increase, greater
opportunities open up for a substantial business interaction,'
he said.
While Chile had been successful in East Asia, it was
now looking toward India and South Asia, he added. Chile
exported $225 million worth of goods to India in 2003,
22 per cent more than in 2002, while exports from India
totalled $70 million.
In the first five months of the current fiscal, the
Exim Bank has approved lines of credit worth $540 million
primarily to African countries like Sudan, Ghana, Kenya
and Mozambique. In 2003-04, the bank extended lines
of credit worth $300 million.
Mr Trikha said total approvals during the current financial
year may touch $900 million. |
