Engineering Export Promotion Council renamed EEPC India

Kolkata, Aug 9 : The Engineering Export Promotion Council (EEPC) will now be known as EEPC India.

The renamed entity will expand its array of activities from only promotion of engineering goods exports to promotion of two-way engineering trade and investment, the council announced here.

Unveiling the new logo of the council, External Affairs Minister Pranab Mukherjee said the country had to shift its focus from policy of import substitution or export-oriented strategy to a policy of two-way trade.

"For foreign trade, the government will not believe just in import substitution. We will have to pursue trade promotion," Mukherjee said.

EEPC was set up in 1955, under the sponsorship of the ministry of commerce. At present, it has 12,000 members.

EEPC India chairman Rakesh Shah said the economy of the country has remained in a perpetual state of "present continuous" and talks are always in terms of demands being met than demands met.

Giving example of the World Bank's cross country data on doing business, Shah said while in the US it takes five days, in Singapore six days and in China 48 days to get the requisite clearances for starting a business, in India it takes 71 days.

To remove these constraints, the law as well as the governance culture and institutions require changes, Shah said.

Mukherjee said for promotion of trade there has to be a change in the mindset, culture and attitude of people.

India for the first time in its history has become a net investor in the UK and India's total investment in that country has crossed the latter's investment in India.

--IANS