Merchandise exports from Kerala stood at $9.8 billion in 2018-19, while there remains an untapped potential of $6.7 billion more, according to a study by the Export-Import Bank of India (Exim Bank).
This was revealed in an interactive webinar titled “Potential for Enhancing Exports from Kerala”, held here on Friday, to familiarise participants with potential export opportunities.
The study pointed out that with a favourable policy framework and concerted efforts to boost exports, Kerala could target to achieve $54.7 billion in export revenues by 2024-25.
The study identified a six-pronged export strategy for the state, built upon the essential dimensions of diversification of products and markets, infrastructure leverage and strengthening, capacity building, fiscal incentives, devising an export promotion campaign, and institutional streamlining.
It also recommended diversification away from traditional export items for Kerala towards higher value-added products such as processed food, technical textiles, bulk drugs, and electronics and machinery.
The study also suggests development of a branding strategy for products in which the state has Geographical Indications.
Exim Bank Managing Director David Rasquinha, in his address, said that international trade is at the focal point of the narratives of ‘Aatmanirbhar Bharat’ and ‘Vocal for Global’, and there is a need to coalesce efforts at all levels of governance to prepare the domestic industry for achieving these objectives.
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