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The Textile Magazine
JUly 2012
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53
After meeting the global CEOs,
Mr. Sharma said that despite global
economic problems and the recent
lowering of the rating outlook,
investors’ confidence in India
remains robust. IKEA has certain
reservations about sourcing norms
which were discussed with the
DIPP officials; suitable answers of
which were provided leading to the
decision to invest.
Mr. Sharma, who was in St.
Petersburg for International Eco-
nomic Forum (SPIEF), met Mr.
Olaf Koch, CEO and Chairman of
the Management Board, METRO
AG, who expressed happiness over
the performance of its investment
in India and apprised the Minister
of the expansion plans in India and
the proposal to raise the number
of their stores from 10 to 16 in the
country.
Earlier, Mr. Sharma also met Mr.
Andrey Belousov, Russian Min-
ister for Economic Development,
and Mr. Denis Manturov, Russian
Minister of Industry & Trade, on
the sidelines of SPIEF.
During the meeting with the
Russian Ministers, Mr. Sharma
expressed his views that the first
step for the Comprehensive Eco-
nomic Co-operation Agreement
(CECA) with the Customs Union
(CU) countries can be taken after
Russia’s accession to the World
Trade Organisation (WTO) by set-
ting up of a joint study group (JSG).
He conveyed the urgency to make
headway with the proposal for
CECA with the Russia-Belarus-Ka-
zakhstan CU, which holds the key
to achieving higher trade targets for
India.
The Customs Union between
Russia, Kazakhstan and Belarus
formally came into existence on
January 1, 2010. The three took
their economic integration one step
forward on January 1 last, with the
implementation of the Common
Economic Space (CES) which pro-
vides for free movement of goods,
services, people and investments.
Mr. Sharma also said that the lev-
el of bilateral trade and investment
between India and Russia remains
below its potential. He put stress on
making sincere and concerted ef-
forts and to take specific measures,
including thrust areas, to achieve
the targeted bilateral trade figure of
$20 billion by 2015.
The bilateral trade between India
and Russia in 2011 was in the range
of $9 billion.
w
Mr. Anand Sharma, Union Minister for Commerce, Industry and Textiles, along with Mr. Mikael Ohlsson, CEO, IKEA
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