Poland wants to improve its trade balance with India
May, 31st 2008
Poland is interested in exporting processed and food processing technology, pharmaceuticals, mining equipment, turnkey projects, particularly for sugar plants and power generation with a view to bridge its trade deficit with India.
India-Poland bilateral trade is around $ 560 million and the two countries have decided to raise it to at least $ one billion in the next few years. "We are worried about our negative trade balance. Last year our exports to India fell by 20%, while India's exports to Poland increased by 47%," said the visiting Polish Secretary of State for Economic Affairs, Adam Szejnfeld.
Szejnfeld is leading a strong business delegation to India to attend the India-Poland Joint Business Council (IPJBC) meeting, which was set up in 2006, following the visit of the Indian commerce minister, Kamal Nath to Poland in the same year. IPJBC is the initiative of the Federation of Indian Chambers of Commerce and Industry (FICCI) and Polish Chamber of Commerce.
Szejnfeld also met Nath and discussed with him about boosting trade and economic cooperation between the two countries. Poland has also invited Indian investment. "We have decided to disinvest government equity in 740 public sector enterprises, particularly those relating to shipping, coal mines, power, chemicals and pharmaceuticals. We welcome Indian investment in these Companies," he said.
He said that Poland was interested in selling defence equipment, aircraft and helicopters and offer consultancy services. He said that Poland was in favour of boosting economic cooperation with India particularly in IT, R&D, education and science and technology and sanitary and phytosanitary measures.
Poland has extended the moratorium on GM crops for the next three years and was interested in developing alternate sources of renewable energy so as to reduce its dependence on bio-fuel which has caused the current food crises, he said.