THE OPERATIONALIZATION OF EASTERN MARITIME CORRIDOR (EMC)- 04.07.2024
Chairperson initiated the interactive session, the Deputy Chairperson stated that this august gathering shared a common vision of making Eastern Maritime Corridor (EMC) into a vibrant reality through fostering dialogue, exploring opportunities, addressing challenges, creating strategies and thus enhancing the trade ties between India and Russia. Twenty days to reach Eastern Russia and hence, the goods will be more competitive in the global market. Thus, EMC is not only a sea route but a robust framework of economic partnership between India and Russia. After the joint workshop, a significant increase is witnessed in the import of coking coal and crude oil from Russia in both major and non-major Indian Ports. |
His Excellency Sergei Azarov, Acting Consul General of Russian Consulate thanked Chennai Port for the interactive session invitation and stated that the strategic potential of Eastern Maritime Corridor would enrich the economic cooperation between two countries. Though, significant portion of Russia-India Oil trade is taking place through the Chennai-Vladivostok Corridor, the trade of commodities requiring containers that are mostly manufactured goods is still very low. The efficient facilitation of Containerised cargo demands comprehensive approach that encompasses infrastructure development, streamlined logistics, harmonized regulatory frameworks and concerted effort from all the stakeholders. He expressed hope that this interactive Session would eliminate the bottlenecks in the movement of Containerised Cargo through Eastern Maritime Corridor. |
Shri Lakshmi Narayanan, Chairman of Indo-Russian Chamber of Commerce and Industries is optimistic about the Eastern Maritime Corridor and informed that there is no problem in export /import to Russia. He asserted that since the Eastern Maritime Corridor is economical, the prices would be competitive. From January 2024, enquiries have started coming and Russia is ready to invest. He requested that the Indian Government should modify import and export policies to open up the trade. |
Shri Thangappan, Secretary General, Indo Russian Chamber of Commerce and Industries informed that the goods available in Moscow and St.Petersberg are not available in Vladivostok. Hence, he felt that this EMC is the best move for India and Russia economy. Some of the products required by Russia are Organic cattle feed, Egg powder, building materials, Pharmaceuticals, Mangoes, Onion etc. Rum is a high demand product. Indian Garments are well appreciated in Russia which is again not fully utilized by the Indian businessmen. Eggs from Namakkal are exported to Russia and other countries through Dubai by air and hoped that EMC corridor would attract goods because of economical logistics cost. During the discussion of Chamber of Commerce with the Ministry of Economic Affairs, great interest is shown by the Russian Ministry to develop this Vladivostok channel. It is taking 9 to 10 days for goods to reach eastern side of Russia from the western side through train/truck and hence, he requested that the Indian Government should relax the status-quo in import/export policy and plan this EMC in such a way to export the goods to Russia at a competitive price. |
Shri Andrei Erokkin, Attache, Consulate General of Russia informed that the goods are shipped from China to the western part of Russia and then moved to the eastern part by Train or trucks involving huge costs and time delay. Russia and India have decade long friendship and so the businessmen should see the business potential. The export of spare parts and machinery from India may also be looked into by the Indian businessmen. The Russian people know about only North India but through the Eastern Maritime Corridor, they will come to know about South India. He assured that the issue of Customs Clearance of goods would be taken up with the Russian Government. He requested every stakeholder to send his request and concerns to the Russian consulate and assured that they would take up with the Russian Ministries. He also added that these issues should be taken up in the Eastern Economic Forum in September 2024. He also informed that only one businessman from South India has setup a company in the SEZ and requested the business people to take steps in this direction. He hoped that this EMC would connect the Indian and Russian business people. The Chairperson appreciated Shri Andrei Erokkin, Attache, Consulate General of Russia for his valuable and encouraging inputs. |
Concluding the interactive session, the Chairperson thanked His Excellency Sir Sergei Azarov, Acting Consulate General, consulate General of Russia and other participants for their valuable inputs and hoped that this interactive session has benefited all the participants by way of exchange of information and clarification of doubts and thus, a step closer towards further strengthening of Eastern Maritime Corridor. |
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