: EXIM Bank bats for services exports from Goa #FinanceIndia #StockMarketNEWS #Business Panaji: Services exports from Goa have the potential to grow exponentially in the coming years, according to the

@StockMarketNEWS Mon 13 Jun, 2022

Posted in: #FinanceIndia #StockMarketNEWS #Business

EXIM Bank bats for services exports from Goa #FinanceIndia #StockMarketNEWS #Business
Panaji: Services exports from Goa have the potential to grow exponentially in the coming years, according to the EXIM Bank, Mumbai. Bank officials said that, due to increased digital modes of work such as work from home, and companies preferring Goa as one of the key destinations, services exports from the state have good potential in the future.

Highlighting the composition of Goa’s merchandise exports, officials said that, drug formulation and biologicals constitute 47% of the exports, followed by iron and steel 15%. With regard to export destinations, the highest exports from Goa was to USA, followed by China and United Kingdom respectively

The GCCI in association with EXIM Bank organised a seminar, Capacity Building Session on Export Opportunities from Goa, recently on June 8. Around 80 participants benefitted from the seminar. GCCI president Ralph de Sousa was the chief guest for the function while EXIM bank senior officials, deputy general manager Chitra Raste, deputy manager Mayank Khurana and chief manager Prashant Kumar were present.

EXIM Bank’s vision has evolved from product-centric to customer-centric. Towards facilitating globalisation of Indian businesses, the bank has extended 310 line of credits, covering 66 countries with credit commitments of over $ 31.96 billion,??? said Raste.

EXIM Bank has asked Goan units to be parts of the Ubharte Sitaare Programme (USP). The assistance under the programme includes financial and advisory support through debt at competitive rates and elongated tenors, equity investments, and technical assistance. “The USP programme has an initial corpus of `1,000 crore. Goan MSMEs can avail this opportunity to scale up and perform wonders in global markets through exports,??? said Kumar. .

Later in the function, Rajkumar Kamat, president, Vibrant Goa Foundation, chairman, GCCI industry committee concluded that Goa has huge export potential in eco tourism, agro and food processing, IT, GI tagged products. He also added that various industry associations can be the facilitators and take up issues faced by exporters.

GCCI is asking for resumption in container services at Mormugao Port, Vasco, to boost exports.