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India plans to set up Bharat Park in UAE: Minister
Goyal said that the park will facilitate other countries to buy 'Made in India' products in the UAE.
Piyush Goyal / (Image: Wikipedia)
Piyush Goyal, India's Minister of Commerce and Industry, has revealed plans to set up 'Bharat Park' in the United Arab Emirates (UAE).
It will be established as an India-specific trade zone with a showroom and warehouse in the UAE. Goyal said that the park will facilitate other countries to buy 'Made in India' products in the UAE.
The move will also benefit the Indian expat community which as the largest ethnic community in the UAE, accounts for around 30 percent of the country’s total population.
The minister made the announcement during his address at the export awards ceremony of the Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) in Mumbai.
Meanwhile, the exports of textiles of man-made fibers reached US$5.8 billion in 2022–2023 compared to US$6.8 billion in 2021–2022, showcasing negative growth of 15.3 percent.
Stressing that man-made fiber textiles (MMF) are the future, Goyal announced that the Bureau of Indian Standards (BIS) will spend ₹40 crore (US$4.8 million) to set up 21 testing laboratories across the country.
While speaking on Free Trade Agreements (FTA) with Japan, Australia, UAE, and South Korea, among other countries, the Minister said India’s poor utilization of the benefits is a matter of concern.
SRTEPC also called on the Indian government to address looming challenges, including inverted duty structures and GST rates to enhance competitiveness in the international market.
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