Commerce Minister Piyush Goyal inaugurated the India pavilion at the Dubai Expo. CNBC-TV18 caught up with Sanjiv Puri chairman and managing director, ITC and the India-UAE partnership and asked him about what sectors would ITC want greater market access for in that country listen.
Puri said, with the growing relationship between the two countries as was articulated by the honourable ministers at the expo, I think there's immense opportunity and there is a partnership that is built on trust.
There is an immense opportunity to expand trade and commerce. Some of the sectors that hold immense potential are the areas of food processing, are the areas of fast-moving consumer goods, agriculture, and information technology as well is another area of opportunity, said Puri, adding that there are other areas as well, whether it has to do with the paperboard or sustainable packaging, all of these actually offer immense opportunities. I am very hopeful and do feel that there is immense potential to grow this relationship, he added.
India had one of the bigger pavilions at the Dubai Expo
and so when asked what this says about India's presence in the Gulf, Puri said, “The presence itself in the pavilion speaks for itself. India has a growing presence, a large diaspora and the pavilion very befittingly showcases the India of 2021. The way India has transformed and the pioneering work that India is doing in the area of technology, in the area of fast-moving consumer goods, in the area of paperboard packaging, hospitality. So all of this are very well showcased and articulated. It also articulates and showcases the immense opportunities in tourism, he specified.
Talking about opportunities in UAE from an ITC point of view, he said, “The areas of opportunity I already alluded to are food processing and agriculture. There is also opportunity in information technology, there is also opportunity in paperboard, and packaging, particularly sustainable packaging solutions. India can be can really expand trade in this area. So there are plenty of areas for opportunities. These are some interesting sectors from an ITC perspective.
When asked to describe the market demand and market recovery and the key headwinds according, he said, the recovery has been fairly resilient and the high-frequency indicators are definitely providing that perspective. “We are on to a good trajectory of recovery which is much faster than the first wave and from here it will only get better. Hopefully, with the vaccinations and the other measures being taken by the government, we will not have any major waves going forward. If at all there is another wave, hopefully, it will be small and muted and so here onwards, we will only continue to grow and further progress on the economic front.
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