Engineering Exports Promotion Council backs diversified markets

CHENNAI: The Engineering Exports Promotion Council has asked Indian engineering goods exporters to look at diversified markets like Africa, Latin America and CIS countries to offset slowdown in its traditional markets, the US and Europe, due to disruption in world order due to political conflicts and war.

While the US remains India's largest market for engineering exports, major destinations in the European Union are Germany, Italy and UK, which are facing a slowdown

"While the US and Europe will continue to account for a larger share of our engineering goods exports, the focus on developing countries will enable India to export value-added products as Indian technology is best suited to these markets," Rakesh Shah, chairman (trade promotion), EEPC India told TOI.

According to him, every exporter can feel the slowdown in the European market, while the US has started going up and the industry hopes that things will be much better than now once the US elections are over.

Shah said so far, India has either been a supplier of raw material or a component or part supplier.