Collection Pan Arab Luxury Magazine
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The Embassy of India in Beirut organised a Seminar “India Global Connect” in association with the Gems and Jewellery Export Promotion Council (GJEPC) of India on February 4, 2022, to further enhance trade in Gems and Jewellery between the two countries.
The event was organized in hybrid mode.
The meeting was attended by Mr. Danny Gedaoun, Director General, Ministry of Industry, Dr. Mohammad Abou Haidar, Director General, Ministry of Economy and Trade, Mr. Boghus Kurdian, President of Syndicate of Jewelry, Mr. Mohammad Saleh, President of Chamber of Commerce Industry and Agriculture of Saida and South Lebanon, Dr. Linda Sultan from Tripoli Chamber. Top businessmen of gems and jewellery sector and other business representatives also attended the Seminar.
From the Indian side the event was attended by Mr. R Aulanandan, Director, Department of Commerce, senior officials from Gems and Jewellery Export Promotion Council and a number of Indian exporters. Mr. Sabysachi Ray, ED from the GJEPC moderated the session.
In his remarks, HE the Indian Ambassador for Lebanon Dr. Suhel Ajaz Khan gave an overview of the gems and jewellery sector in India and spoke about complementarities between India and Lebanon in this sector. He also spoke about India’s strength in this sector and the benefit which Lebanon may avail from India by connecting directly with the India exporters. He encouraged all the participants to interact more with the GJEPC and participate in exhibitions organised by them.
He also utilized the opportunity to highlight the growth story of India, especially the fact that Indian economy is expected to grow by 9.2% in the current fiscal and by 8-8.5% in the next fiscal. He also mentioned about the recently announced Budget by Hon’ble Finance Minister of India. He specifically mentioned about PM Gatishakti National Master Plan – a seven-engine programme to develop roads, railways, airports, ports, mass transport, waterways and logistics infrastructure, PLI scheme, Startup ecosystem and how the Govt is encouraging it with various budgetary measures, digitalization of the Indian economy etc. Many other programmes offered support to boost the economy were also touched upon. He also informed all the participants that India is going to launch a digital money in the next financial year as announced in the recent budget. He also informed them about the ambitious target of India of USD 400 billion of export for this fiscal, out of which almost 80% has already been achieved. He also shared with them current celebrations of India@75 and Hon’ble Prime Minister’s vision of India@100.
On the bilateral trade, Ambassador mentioned that even though the trade was impacted by the Lebanese economic crisis, there are good signs of recovery and the Indian exports to Lebanon have already touched 222 million USD by December 2021 in the current FY as against an overall export of 190 million USD in FY 20-21. He also mentioned that even though Indian exports of gems and jewellery to Lebanon is way below our target of USD 20 million in current FY, there also is a growth as the exports in current FY of USD 6.4 million (up to December 2021) have surpassed the overall exports of 4.6 million USD in FY 2020-21.
Dr. Mohammad Abou Haider, Director General at the Ministry of Commerce and Mr. Danny Gedaoun, Director General at Ministry of Industry welcomed the Seminar and expressed hope that bilateral trade and economic cooperation between India and Lebanon could grow. They expressed full willingness of their respective ministries to support any initiative to enhance trade and economic cooperation between India and Lebanon. Mr. Boghos Khurdian, President of Syndicate of Gems and Jewellery expressed readiness of the industry to explore trade opportunities with India, specially importing diamonds and other precious and semi-precious stones from India which can benefit local industry as it is also one of the export-oriented industries in Lebanon. He encouraged the participants to participate in various exhibitions in India and trade directly with the exporters in India. A number of other ideas and initiatives were discussed.
A presentation on India’s strength in the gems and jewellery sector was made by GJEPC. There was an extensive question-and-answer session which was quite interactive. A number of exporters from India also made their interventions and expressed readiness to work with their Lebanese counterparts. Overall, it was a healthy and frank discussion. The Seminar was followed by a business luncheon hosted by Ambassador for the Lebanese participants.
