Unfazed by global headwinds and forces of protectionism in some of the leading economies, India showcased its technological and engineering prowess to top international firms at the 6th edition of the International Engineering Sourcing Show (IESS) held in Chennai during March 16-18 expecting significant business deals.
IESS VI was inaugurated in a gala ceremony on March 16 in Chennai by Mrs. Nirmala Sitharaman, Union Minister of Commerce & Industry (Independent Charge), Mr. Denis Manturov, Minister of Trade & Industry, Russian Federation, Mr. Girish Shankar, Secretary, Department of Heavy Industry, Government of India, Mr. Mangat Ram Sharma, Principal Secretary, Government of Tamil Nadu, Mr. T.S. Bhasin, Chairman, EEPC India, and other senior officials from the Ministry of Commerce and EEPC India.
Prior to the inauguration, Mrs. Sitharaman and Mr. Manturov had a cordial meeting where a host of bilateral issues were discussed. They agreed that there is enormous potential to enhance the bilateral trade, which is presently $6.62 billion. They discussed the early operationalization of the International North South Transport Corridor (INSTC) that would cut the time and cost for transportation of goods between both countries.
They also deliberated upon other measures to enhance the trade ties, including the proposed FTA between India and the Eurasian Economic Union, which includes Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. The need to finalise a revised Bilateral Investment Treaty was also noted. The Minister also invited Russia to be the ‘Partner Country’ in India International Jewellery Show 2017 scheduled to be held in Mumbai in July next and the Advantage Healthcare India scheduled to be held in Delhi / Mumbai in October.
According to EEPC India, Russia coming forward as the Partner Country in this event is a testimony to the stature achieved by IESS. India has a long standing partnership with Russia in the engineering sector. A 120-member delegation from Russia exhibited their technology and products at IESS 2017.
As many as 400 top global exhibitors and over 500 foreign delegates participated in this flagship engineering event which is built around the theme – “Smart Tech for Smart Engineering”, Apart from the Union Ministry of Commerce and Industry, the show was also supported by the Union Ministry of Micro Small and Medium Enterprises, Department of Heavy Industry and Department of Scientific and Industrial Research.
Besides Russia, delegates from the US, the UK, Germany, the UAE, Brazil, South Africa, Algeria, Benin, Botswana, Egypt, Ethiopia, Ghana, Kenya, Namibia, Uganda, Vietnam, Bangladesh, Sri Lanka, Ukraine, Uzbekistan and Nepal also visited IESS, which has emerged as one of the most prestigious engineering sourcing shows in the country.
On this occasion, EEPC India Chairman said while the engineering exports have started growing again, the growth has come about on a low base which had formed because of sluggish performance in the last few years. “However, despite concerns of protectionism from the USA, the focus of the Trump Administration on big investment on infrastructure projects would boost the global demand for the engineering products. So, instead of seeing it as a challenge, Indian exporters must view the unfolding scenario as an opportunity in the USA”.
This edition of IESS has exclusive Technology and Innovation Pavilions with representations from BARC, IIT Mumbai, IIT Madras, FCRI (Fluid Control Research Institute), ARCI (International Advanced Research Centre for Powder Metallurgy and New Materials), CMTI (Central Manufacturing Technology Institute) and MSME Tools Room.
Various activities were held during the three-day show, including India-Russia Business Forum, Global Investment Conference, Vendor Development Seminar, by Indian PSUs, Global Sourcing Meets by Siemens, SCHWING Stetter India Pvt. Ltd., Yanmar, Kubota Corporation, Sessions on Accreditation, competitiveness of MSMEs, Technology Collaborations, Industrial Design Forums, etc.
IESS, across its five previous editions, has left an indelible footprint of success. The fifth edition of IESS, held during November 24-26, 2015, in Mumbai attracted 450 delegates from 55 countries in Asia, Africa, Europe, North America and Latin America and 10,000 professional visitors.
India's engineering exports are likely to reach $60+ billion in 2016-17, on the back of revival of demand in the USA and for select products like iron. For the April-January period of ten months of the current fiscal, engineering exports have touched a figure of $50.87 billion, exceeding the total shipments of $49 billion in the entire financial year of 2015-16. For January 2017, engineering exports aggregated $5.29 billion, showing an increase of over 12 per cent over the same month last fiscal.