Tag: exports

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UAE’s Industrial Exports: Dh70B Growth in 3 Years

Reflecting on the UAE’s industrial landscape before and after the establishment of MoIAT, Dr. Al Jaber noted the transformation brought about by the ministry’s creation in 2020…reports Asian Lite News

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, emphasized the Ministry of Industry and Advanced Technology’s (MoIAT) commitment to strengthening the national industrial sector and improving the business environment. Through strategic initiatives and programs, MoIAT aims to enhance industrial competitiveness and boost in-country value, contributing to greater national industrial security and self-sufficiency. Dr. Al Jaber highlighted the importance of enablers and incentives in supporting sustainable business growth, reducing financial barriers, and fostering innovation.

Reflecting on the UAE’s industrial landscape before and after the establishment of MoIAT, Dr. Al Jaber noted the transformation brought about by the ministry’s creation in 2020. The launch of the National Strategy for Industry and Advanced Technology, Operation 300bn, further underscored the commitment to fostering a robust industrial ecosystem. Under MoIAT’s leadership, the sector’s contribution to the UAE’s economy has significantly increased, with notable growth in GDP contribution, industrial exports, and productivity.

One of MoIAT’s flagship initiatives, the National In-Country Value (ICV) Programme, has redirected billions of dirhams back into the national economy, supporting industrial growth and enhancing self-sufficiency. Additionally, initiatives to enable local products and create product offtake opportunities have further bolstered industrial security and self-reliance.

In promoting advanced technologies and Industry 4.0 solutions, MoIAT has facilitated the adoption of robotics, artificial intelligence, blockchain, and other technologies, driving industrial exports and positioning the UAE as a regional and international hub for future industries. Financial incentives and enablers play a crucial role in lowering barriers for technology adoption and fostering innovation.

MoIAT’s contributions extend to legislative reforms aimed at enhancing the industrial sector’s growth and competitiveness. The issuance of Federal Decree-Law No. 25 of 2022 marked a significant milestone, streamlining regulations and creating an attractive investment ecosystem. These efforts align with the UAE’s vision of achieving self-sufficiency and global industrial leadership.

The Make it in the Emirates Forum serves as a platform to attract investments and empower industrial SMEs, driving partnerships and fostering innovation. As the UAE extends its focus on sustainability, the forum plays a pivotal role in promoting sustainable practices and technological solutions to address global challenges.

Looking ahead, Dr. Al Jaber emphasized MoIAT’s commitment to advancing technological transformation across the industrial sector. The Technology Transformation Programme aims to accelerate technological adoption, enhance productivity, and strengthen the UAE’s global competitiveness. With continued efforts, the UAE aims to solidify its position as a leader in advanced technologies and innovation on the global stage.

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-Top News Europe

Ukraine Urges Europe to Suspend Ammunition Exports

Canada has signalled that it is ready to help Czechia with the plan, but details of the cooperation are still being established, according to CBC News on February 22. Canada may contribute up to $22 million, CBC News said…reports Asian Lite News

Europe should suspend ammunition exports to third countries other than Ukraine in light of the shortages faced by the Ukrainian military, Ukraine’s Foreign Minister Dmytro Kuleba said in an interview with a german media portal published on Monday, media reported.

Kiev is being confronted with critical shortages of ammunition, as $61 billion in funding from the US remains stuck in Congress, causing defence aid deliveries to run dry, The Kyiv Independent reported.

Reports suggest Ukraine could face a catastrophic shortage of ammunition and air defences within weeks.

“All contracts for the export of ammunition produced in Europe to third countries must be put on hold, and all such ammunition should be sent to Ukraine,” Kuleba told the media portal.

“Every cartridge produced in Europe should serve the purpose of defending Europe.”

Ukraine’s European allies are aware of the lack of ammunition and have admitted they were “too late” in deciding to “ramp up their own production, sign long-term contracts, and put new production lines into operation,” according to Kuleba.

“Unfortunately, we are now paying for these mistakes.”

The European Union’s top diplomat, Josep Borrell, said on February 19 following a meeting of EU Foreign Ministers in Brussels that he urged member states to procure ammunition for Ukraine outside the bloc if this source of supply is “better, cheaper and quicker”.

Borrell added that the European defence industry claims to be capable of increasing ammunition production, The Kyiv Independent reported.

The Ministers discussed how to increase the EU’s provision of shells to Ukraine through bilateral and European frameworks, according to Borrell.

Earlier in February, Czechia began to push a plan to jointly finance the purchase of 800,000 artillery shells outside the bloc. Prague has suggested that Europe could turn to arms companies in South Korea, Turkey or South Africa, according to US media portal Politico.

Canada has signalled that it is ready to help Czechia with the plan, but details of the cooperation are still being established, according to CBC News on February 22. Canada may contribute up to $22 million, CBC News said.

Plans to buy ammunition from outside the bloc face opposition from France, Greece and Cyprus. While France wants to boost its domestic defence industry, Greece and Cyprus do not wish to buy arms from Turkish producers, given their tense relations with Ankara.

Denmark responded to Kiev’s calls for help by deciding to donate all the artillery rounds from its stockpiles to Ukraine, The Kyiv Independent reported.

“If you ask Ukrainians, they are asking us for ammunition now, artillery now. From the Danish side, we decided to donate our entire artillery,” Danish Prime Minister Mette Frederiksen said at the Munich Security Conference on February 17.

Ukraine’s withdrawal from the city of Avdiivka in Donetsk Oblast on February 17 demonstrated Ukraine’s need for more artillery shells, as well as air defence systems, long-range weapons and fortifications, Ukrainian Defence Minister Rustem Umerov said.

Umerov had said earlier in February that Ukraine was unable to fire more than 2,000 shells per day, around a third of Russia’s average daily shell usage.

Estonia’s Foreign Intelligence Service reported on February 13 that as well as producing new shells, Russia refurbishes Soviet stocks of artillery ammunition, allowing it to produce as many as four million units in 2023.

“It is almost certain that Western ammunition deliveries to Ukraine in 2024 will not be able to keep pace,” and the gap “in available artillery ammunition between Ukraine and Russia is expected to widen even more in 2024,” the report said.

The EU aims to deliver more than one million shells to Ukraine by the end of 2024.

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-Top News Europe World

Ukraine Sets New Rules for Agricultural Exports

The requirements will apply to the exporters of wheat, corn, barley, oilseeds and some other products…reports Asian Lite News

The Ukrainian government introduced new rules for agricultural exports, the cabinet press service has said.

The rules include a clause that Ukrainian companies which sell certain foodstuffs abroad have to register as agricultural exporters within government agencies, Xinhua news agency reported, citing a resolution published on the government website.

The requirements will apply to the exporters of wheat, corn, barley, oilseeds and some other products.

According to the new rules, only companies that have no tax debts and are not involved in bankruptcy court procedures could be registered as verified foodstuffs exporters.

The rules, effective till December 31, 2024, are aimed at preventing law violations in the export of agricultural goods.

Ukraine exported more than 67 million tons of grain and oilseed products in the 2022-2023 marketing year, which ran between July 1, 2022, and June 30, 2023. 

Landmine Horror Continues

At least 264 civilians have been killed in landmine-related explosions in Ukraine since the start of the war with Russia, a specialized formation of the Ukrainian Defence Ministry has said.

Since February 2022, at least 561 landmine incidents have occurred in Ukraine, also injuring 571 others, the State Special Transport Service said on Facebook on Wednesday, Xinhua news agency reported.

Most of the incidents happened on farmland fields, roads, yards and forests, it said.

According to the Ukrainian government, about 174,000 square km of the country’s territory is potentially littered with landmines and other unexploded ordnance. 

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-Top News Asia News Bangladesh

Bangladesh’s exports hit all-time high of over $52 bn


Bangladesh’s export income in the 2020-21 fiscal year (July 2020-June 2021) was recorded at $38.76 billion…reports Asian Lite News

Bangladesh saw exports soar more than 34 per cent to $52.08 billion in the 2021-22 fiscal year (July 2021-June 2022), official data showed.

According to data released on Sunday by the Export Promotion Bureau (EPB) under the Ministry of Commerce, Bangladesh achieved the highest export earnings in the 2021-22 fiscal year with the final months recording robust income growths.

“In the 2021-22 fiscal year, exports reached $52,082.66 million, setting a new record,” said the EPB.

With $4.91 billion in export earnings in June, up 37.19 per cent over the same period a year ago, the country’s overall export earnings in the last fiscal year exceeded the target of $43.50 billion, Xinhua news agency reported.

Bangladesh’s export income in the 2020-21 fiscal year (July 2020-June 2021) was recorded at $38.76 billion.

As always the growth in the 2021-22 fiscal year was largely attributed to the demand for ready-made garments.

Bangladesh’s earnings from garment export, which make up more than three fourths of the country’s annual incomes since the beginning of this decade, surged to $42.61 billion in the 2021-22 fiscal year, according to the EPB.

Knitwear garment export grew 36.88 per cent year-on-year to $23.21 billion while woven garment export rose 33.82 per cent to $19.40 billion.

During the cited period, many other traditional export items like frozen foods, home textiles, leather and leather products and footwear also performed well, showed the EPB data.

India-B’desh ties

Enhanced cooperation between India and Bangladesh can go a long way in strengthening their position in the apparel industry and making South Asia the hub for apparel and textile innovations, Bangladesh’s High Commissioner H.E Muhammad Imran said here on Saturday.

“Efforts are being made to boost cooperation between the two countries, and am confident that the Apparel Sourcing Week (ASW) 2022 will play a key role in this,” he said.

The ASW 2022, Asia’s premier sourcing show for the apparel industry, has been held successfully in Bengaluru with new opportunities and avenues to strengthen India-Bangladesh collaboration and bilateral trade and make Asia the global Apparel Sourcing Hub.

Organised by Apparel Resources, ASW is taking place in Bengaluru with an overwhelming response from all partners.

Some of the topics to be covered on Saturday of ASW 2022 include Mitigating Risks in Sourcing, D2C Opportunities for Fashion, among other panel discussions and industry sessions.

Major Asian economies including India, Japan and China are making Bangladesh their sourcing destination for garment items. In fiscal 2020-21, Bangladesh exported garment items worth 421.86 million to India, which was $420.73 million in fiscal 2019-20, according to an official statement.

ASW 2022 also endeavours to take India-Bangladesh collaboration in the industry to the next level by building on the existing and potential synergies between the two countries.

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-Top News UK News

Exports to Russia banned

Government to continue to work closely with social media platforms and allies to uncover, expose, and counter the Kremlin’s disinformation operation…reports Asian Lite News

The government on Wednesday announced a ban on services exports to Russia over the ongoing conflict with Ukraine, cutting Moscow off any business with UK sectors such as management consultancy, accountancy and public relations.

Foreign Secretary Liz Truss said the latest set of measures will mean Russia’s businesses can no longer benefit from the UK’s “world class” accountancy, management consultancy, and PR services, which account for 10 per cent of Russian imports in these sectors.

“Doing business with Putin’s regime is morally bankrupt and helps fund a war machine that is causing untold suffering across Ukraine,” said Truss.

“Cutting Russia’s access to British services will put more pressure on the Kremlin and ultimately help ensure Putin fails in Ukraine,” she said.

The British government claims Russia is “heavily reliant” on Western services companies for the production and export of manufactured goods, and the new ban will further ratchet up economic pressure on Russian President Vladimir Putin.

“Our professional services exports are extraordinarily valuable to many countries, which is exactly why we’re locking Russia out. By restricting Russia’s access to our world-class management consultants, accountants and PR firms, we’re ratcheting up economic pressure on the Kremlin to change course,” said UK Business Secretary Kwasi Kwarteng.

Following the publication this week of UK-funded research exposing the Kremlin’s shadowy troll factory tactics, the UK government said it is also imposing 63 new sanctions, many of which hit actors and organisations from mainstream media organisations with asset freezes and travel bans.

The move is said to be bolstered by new legislation now in force, which means social media, internet services and app store companies must take action to block content from two of Russia’s major sources of “disinformation” RT and Sputnik.

UK Tech and Digital Economy Minister Chris Philp said: “For too long RT and Sputnik have churned out dangerous nonsense dressed up as serious news to justify Putin’s invasion of Ukraine. These outlets have already been booted off the airwaves in Britain and we’ve barred anyone from doing business with them. Now we’ve moved to pull the plug on their websites, social media accounts and apps to further stop the spread of their lies.

Among those sanctioned on Wednesday include significant individuals at Channel One, a major state-owned outlet in Russia.

The UK Foreign Office said Channel One is known for “spreading disinformation in Russia, justifying Putin’s illegal invasion as a Special Military Operation”.

The government said it will continue to work closely with social media platforms and allies to uncover, expose, and counter the Kremlin’s disinformation operation.

Alongside previous asset freezes against media outlets already in place, the UK Foreign Office said it is “systematically shutting out Putin’s propaganda machine”.

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Business India News

India’s merchandise exports touch $390 billion


Expressing his concerns over lower volume of production affecting business viability, he called for the promotion of scale of production in the e-mobility space…reports Asian Lite News

India’s merchandise exports have reached almost $390 billion, as of March 14, and are expected to cross $400 billion in the current fiscal FY22, Commerce and Industry Minister Piyush Goyal said on Thursday.

Addressing the Atmanirbhar Excellence Awards and 7th Technology Summit 2022, organised by the Automotive Component Manufacturers Association here, he said India’s auto components industry had, for the first time, recorded a trade surplus of $600 million.

The minister said the government was sensitive to the auto sector’s concerns related to chip shortages.

The recently approved ‘Semicon India Programme’, with a budget outlay of Rs 76,000 crore, would help reduce import dependence and eventually help the country become self-sufficient in the chips space, he said.

Expressing his concerns over lower volume of production affecting business viability, he called for the promotion of scale of production in the e-mobility space.

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Business India News

Textile exports target $100 bn mark in five years

The Textiles Secretary said that along with the PLI scheme, the government is committed to make the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success…reports Asian Lite News

India’s textile exports can breach the $100 bn mark in next 5 years, Union Textiles Secretary, Upendra Prasad Singh said on Tuesday.

“The country’s textile exports can increase from the current $40 billion to $100 billion in the next five years,” he said in his address at the 44th Foundation Day of Apparel Export Promotion Council (AEPC).

Singh said that the Indian apparel industry must focus on vertical integration to increase its scale and size and to benefit from the Production Linked Incentive (PLI) scheme.

“Apparel and garmenting is not very investment-centric but it is very important from an employment point of view. Perhaps, there is a need for backward integration and more of you can get into integrated value-chain like spinning and weaving,” he said.

The Textiles Secretary said that along with the PLI scheme, the government is committed to make the Prime Minister Mega Integrated Textile Region and Apparel (PM MITRA) scheme a success.

“Idea is not to just have a world class infrastructure but also a thriving industry there. There are a lot of big opportunities. The demand continues to be robust and the China plus one sourcing strategy by the west is certainly a great opportunity for us,” he added.

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Business India News

India sets $300 bn goal in electronic exports

This fresh outlook is aimed at transforming India’s manufacturing prowess by focusing on competitiveness, scale and exports….reports Asian Lite News

Indian can reach $300 billion worth of electronics manufacturing and exports by 2025-26 — nearly four times from the current $67 billion — if specific product segments with high potential for scale are shortlisted and catered to by way of incentives and policy measures, a new IT Ministry report showed on Monday.

The Vision Document 2.0, prepared by the Ministry of Electronics and Information Technology (MeitY) and presented by the India Cellular & Electronics Association (ICEA), emphasised that such products segments cover mobile phones, Information Technology hardware (IT hardware), consumer electronics, wearables and hearables, LED lighting, electronic components in electric vehicles (EVs) etc.

“To witness India’s top ranking globally in the electronics industry, we need tactical and strategic steps for each product line and supportive directions to our domestic players/Indian champions to meet our Prime Minister Narendra Modi’s ‘Aatmanirbhar Bharat’ vision,” ICEA Chairman Pankaj Mohindroo said.

The electronics manufacturing industry had grown from $37.1 billion in 2015-16 to $67.3 billion in 2020-21. However, Covid-19 related disruptions impacted the growth trajectory in 2020-21 and led to a decline in the manufacturing output to $67.3 billion.

According to the document, there has been a complete shift in strategy which goes beyond the vision of import substitution to “Make in India for the World”.

This fresh outlook is aimed at transforming India’s manufacturing prowess by focusing on competitiveness, scale and exports.

Furthermore, continuing on the path of import substitution, India’s domestic electronics market is estimated to reach at best $150-180 billion from the current $65 billion over the next 4-5 years.

“Thus, exports of $120-140 billion are critical to reach the $300 billion mark for electronics manufacturing. This, in turn, is key for the $5 trillion economy, $1 trillion digital economy, and the $1 trillion export target envisaged by MeitY and the Ministry of Commerce and Industry, respectively,” the Vision Document 2.0 read.

The increasing labour costs in China, the geo-political trade and security environment, and the Covid-19 outbreak are compelling many global electronics majors to look at alternative manufacturing destinations and diversifying their supply chains.

“India is one of the leading contenders for alternate solutions for global electronics companies. The electronics sector has the potential to become one of the top exports of India in the next 3-5 years. Electronics exports may account for significant contributions to the Indian economy in terms of foreign exchange earnings and employment generation,” said the document.

The National Policy on Electronics (NPE) 2019 had earlier set a target of achieving a turnover of $400 billion by 2025.

Indian flag waving in blue sky

However, the Covid-19 pandemic brought with it unforeseen andAunprecedented challenges.

“In light of this, the NPE 2019 targets for electronics production in 2025-26 at $300 billion appears to be more realistic considering the disruption on account of Covid-19 in the past 18 months which has been aggravated with the new variants of the Covid-19 virus such as the Omicron,” according to the document.

When it comes to mobile phones, India’s domestic mobile sales are in line with industry estimates and likely to grow faster in the coming few years due to increasing digital lifestyle and Covid-related disruptions.

“This report captures all the key points and production projections for the various products that will lead India’s transformation into a $300 billion electronics manufacturing powerhouse,” said Mohindroo.

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