Indo-Japan Chamber in Kerala moots joint ventures with Japanese firms

Source: The Hindu Business Line, Dec 12, 2018

Kochi: Indo-Japan Chamber of Commerce Kerala (INJACK) has mooted a proposal to set up joint ventures with Japanese firms for tuna processing in the State, considering the market potential of this particular fish variety in that country.

Currently, there is no export of sashmi grade chilled tuna to Japan, which is mainly depending on Sri Lanka and Maldives. Lakshadweep has good presence of yellow fin tuna used for sashmi, but there is need for technical and onboard handling of sashmi grade tuna, said Sajiv K Menon, President, INJACK. Read the rest of this entry »

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US Commerce Secretary to visit India in February for commercial dialogue

Source: The Economic Times, Dec 12, 2018

US Commerce Secretary Wilbur Ross has said that he will visit India in February to attend the bilateral commercial dialogue and the Trump administration is sending a major trade mission to the country next year.

“I’m happy to report that I’m scheduled to visit India this coming February. I’ll be co-chairing the US-India Commercial Dialogue and the US- India CEO forum with my Indian counterpart, (commerce and industry) minister (Suresh) Prabhu,” Ross said at a farewell reception organised for the outgoing Indian Ambassador to the US, Navtej Singh Sarna.

Some 200 guests, including top officials of the Trump administration, diplomats, eminent Indian Americans and top corporate executives attended the farewell reception for the top Indian diplomat, who is retiring later this month.

Highly appreciative of the role played by Sarna in strengthening the US-India relationship during his tenure as the Indian envoy, Ross said that Sarna has laid the ground work for more to come.  Read the rest of this entry »

India-Romania bilateral trade could touch US$1 billion in FY19

Source: IBEF.org, Dec. 11, 2018

Kolkata: Bilateral trade between India and Romania could touch USD 1 billion in the fiscal 2018-19, a top diplomat of that country said on Monday.

The total bilateral trade currently stands at USD 810 million.

“Trade in the first 10 months has grown in the high double digits. I think in the current fiscal, it will grow to touch USD 1 billion,” Ambassador of Romania to India, Radu Octavian Dobre said at an interactive session with the Indian Chamber of Commerce.

He said the European country was looking to boost ties with India on all fronts, including trade and culture. Read the rest of this entry »

Cabinet approves pact with France for energy efficiency, conservation

Source: Business Standard, Dec 06, 2018

New Delhi: The Union Cabinet on Thursday approved a pact between India and France in the field of energy efficiency and conservation.

The Union Cabinet chaired by Prime Minister Narendra Modi has been apprised of Memorandum of Understanding (MoU) between India and France in the field of energy efficiency/energy conservation. The MoU was signed on October 17, 2018, an official statement said

The pact involves knowledge exchange and cooperation in the nature of technical assistance only.

The MoU is expected to take forward information exchange on policies, programmes and technologies relating to enhanced energy efficiency and demand-side management.

It will lead to awareness creation on energy efficiency.Development of tools for collection, use and analysis of CO2 emissions and GHG data for tracking global emissions for INDC.

It will promote research and development and demonstration of energy efficient technologies.Development of sustainable mobility with a specific focus on electric transport, it added.

Cabinet approves agreements with Japan in healthcare, wellness sectors

Source: Business Standard, Dec 06, 2018

New Delhi: The Cabinet on Thursday gave ex-post facto approval to the Memorandum of Cooperation (MoC) between India and Japan in the field of healthcare and wellness. It was signed on October 29 this year.

The MoC aims to promote projects like developing human resource in the field of acute medicine, surgery and trauma care, establishment of an advanced joint testing laboratory for clinical examination and collaborations among tertiary care centres in both countries.

The agreement also focuses on improving infrastructural developments like establishing a centralised management healthcare distribution centre, increasing access to hygienic and affordable toilets, setting up India-Japan “Innovation Hub” and collaborating on getting high-end medical devices. Read the rest of this entry »

India, UAE sign currency swap deal

Source: The Hindu Business Line, Dec 04, 2018

Abu Dhabi: India and the UAE on Tuesday signed two agreements, including one on currency swap, as External Affairs Minister Sushma Swaraj held exhaustive discussions with her counterpart Abdullah bin Zayed Al Nahyan to step up cooperation in areas like trade, security and defence.

Swaraj, who arrived here on Monday on a two-day visit, was received by the Foreign Minister of the UAE ahead of the UAE-India Joint Commission Meeting.

“Advancing the Comprehensive Strategic Partnership…EAM @SushmaSwaraj & Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan co-chaired 12th India-UAE #JCM. Held exhaustive discussions on cooperation in energy, security, trade, investments, space, defence & consular, among others,” External Affairs Ministry spokesperson Raveesh Kumar tweeted.

This is the 12th session of the India-UAE Joint Commission Meeting for Economic and Technical Cooperation. Read the rest of this entry »

HUL buys GSK Consumer in mega deal

Source: The Hindu Business Line, Dec 03, 2018

Mumbai: In a move that will consolidate its position as India’s largest fast-moving consumer goods company, Hindustan Unilever (HUL) on Monday announced a merger with GlaxoSmithKline Consumer Healthcare Ltd (GSK CH India). As part of this steaming hot deal, health drinks including Boost, Horlicks and Maltova — the mainstays of GSK CH — will now move to the HUL stable. The transaction is an all equity merger with 4.39 shares of HUL being allotted for every share in GSK CH India. The deal values the total business at ₹31,700 crore.

GSK Plc (including its other group companies such as GSK Healthcare) will own 5.7 per cent of the merged entity but will have no representation on the board. GSK is expected to sell these shares subsequently, HUL’s Chairman and MD Sanjeev Mehta said at a press conference in Mumbai. Unilever’s stake in HUL will reduce to 61.9 per cent from 67.2 per cent. As a part of the deal, HUL has also entered into a five-year contract for the distribution business of GSK Pharmaceuticals that has over-the-counter (OTC) products such as Sensodyne, Otrivin, Crocin and Eno. Read the rest of this entry »