India's exports to the NAFTA region, which is estimated to touch $12 billion this fiscal, could increase further if exporters adopted a strategy focussing on core areas where India was competitive, a senior official said on Monday.
"India's exports to the NAFTA region is expected to touch $12 billion this fiscal of which $1.5 billion is accounted for by the engineering products. This is however far below the potential mainly due to a lack of focus on the potential sub-sectors," D K Mittal, joint secretary ministry of commerce said in New Delhi.
Addressing an Indo-NAFTA business meet organised by the Engineering Export Promotion Council in New Delhi, he said the government had asked exporters to identify 12 top sub-sectors of exports and 10-12 top companies, which could export products to the region.
Stating that Prime Minister Atal Bihari Vajpayee had set an indicative target of $25 billion of exports to the region over the next three years until 2006-07, Mittal said, India's share was miniscule in the US market whose annual imports were pegged at a whopping $1,200.
While the government was making efforts to organise fairs in the region such as the India-Tech fair in Mexico in the coming fiscal, the exporters would have to identify core products and target them to specific markets in the region, he said.
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