Latvia provides a gateway to both the European and Russian countries

The FAPCCI & Ministry of Foreign Affairs, Republic of Latvia organizing an Interactive Meeting with His Excellency Mr. Edgars Rinkevics, Hon’ble Minister of Foreign Affairs, Republic of Latvia on “India and Latvia bilateral Trade and commerce” on September 16, 2013 at Federation House, Red Hills, Hyderabad.

His Excellency Mr. Hardijs Baumanis, Ambassador of the Republic of Latvia to the Republic of India, His Excellency Mr. Einars Semanis, Ambassador-Director General of Economic and Bilateral Relations Directorate, MFA, Mr. Srinivas Ayyadevara, President, FAPCCI, Mr Atis Lots, Head of Minister’s Office, MFA, Ms Ilonda Stepanova, Director of Department of Budget, Ministry of Finance, Ms Judîte Dobele, Counsellor, Head of Asia, Africa and Oceania Division, MFA, Dr Mârcis Auziòð, Rector of University of Latvia, Mr Ilmars Kreituss, Vice-Rector, Riga International School of Economics and Business Administration, Mr Guntis Drunka, Deputy Governor of the Freeport of Ventspils, Mr Rudolfs Kalnins, Counsellor, Securitate, Mr Kalvis Vîtoliòð, Member of Latvian-Indian Advisory Council, Mr Otto Lodiòð, Member of Latvian-Indian Advisory Council, Mr Andris Dieviòð, Member of Latvian-Indian Advisory Council, Ms Laima Freimane, Producer, Film Industry, Mr Kartik Umakant Desai, Baltovents Ltd, Mr Avdhesh Hiranya Desai, Baltovents Ltd, Mr Hiranya Umakant Desai, Baltovents Ltd, Mr. Shiv Kumar Rungta, Senior Vice President, FAPCCI, Mr.  V Anil Reddy, Vice President, FAPCCI and Mrs. P. Vydehi, Secretary (I/c), FAPCCI has also addressed at the meeting.

Mr. Edgars Rinkevics, Hon’ble Minister of Foreign Affairs, Republic of Latvia stated that the Latvia provides a gateway to both the European countries and Russian countries.  Consequent to Latvia’s accession to the EU, accessing EU market through investment in Latvia holds much promise for Indian companies. This along with the investment friendly policies of the Latvian government provides great opportunity for Indian firms to make forays into the Latvian market. Potential areas of investment from India include pharmaceuticals and healthcare, telecommunications, IT and software development, heavy engineering and biotechnology. Major Indian exports are tea, coffee, tools, pharmaceuticals, chemicals, garments, iron & steel etc. Major Indian imports include chemicals, fertilizers, iron & steel, machinery etc.

Latvian and India relations are cordial and are warming up though there is room for improvement on the trade and economic front. Trade and investment is steadily increasing between the two countries. The relations between India and Latvia are friendly and wide ranging. Freeport of Ventspils is a part of the European Union core transport network. It has connectivity over sea and land. The Port authority has invested more than 90 million euro in port development projects. More than 20 million euro was attracted from EU funds. Private companies have invested in port area more than 260 million euro.

Latvia - the best average internet connection speed in EU. Ventspils is connected to the international telecommunication network with two independent optical submarine cables as well as four major terrestrial optical lines with a capacity of 10 Gbps.

Mr. Srinivas Ayyadevara, President, FAPCCI said that there were 57 Latvian- Indian joint ventures registered in Latvia which range from production to marketing to software development. Cumulative figures of Latvia FDI in India till 2009 amounted to US $ 0.06 million.  There is small Indian community in Riga numbering around 50 and mostly engaged in trading. In addition to that there are around 70 Indian students studying medicine and technical courses in Latvian Universities.

267 persons got jobs in FAPCCI – Abhinav Hi Tech College Mega Job Fair

A total of 267 persons get jobs in noted technical, non technical and retails organizations in around the Hyderabad through “FAPCCI – Abhinav Hi Tech College Mega Job Fair”. Mr. Srinivas Ayyadevara, President, FAPCCI distributed offer letters to the selected candidates by various organizations.

Earlier, The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) in association with Abhinav Hi Tech College of Engineering and Technology jointly organized “FAPCCI – Abhinav Hi Tech College Mega Job Fair” for nearly 1200 vacancies in private sector for graduates and post graduates on 14^th September 2013 at Abhinav College Campus, Moinabad, R.R. Dist.

Noted organization like Kun United Hyudai Motors Ltd, EduGate Foundation, Shell Lubricants Ltd, Suvarna Bhoomi Developers, Big C Mobiles, Eurekha Forbes Limited, Indian Express, Sanchan Info Solutions Pvt. Ltd, India Infoline Limited, Shubha Gruha Projects (I) Ltd, TMIe2E Academy, Global Innove Source,  Sri Logillu Developers Pvt Ltd, Kedia Infotech Limited, Positive Shift International, Anusha Agri Products (I) Ltd, Sree Aditi Group of Companies, TonSmiles Edu Solutions Pvt. Ltd, Kushmanvi Information Technologies have participated at Job fair and conducted written tests and common interviews and shortlisted 665 candidates for next level of interview on September 14, 2013. In the second round of interview many organizations have invited shortlisted candidates to their organizations for final interviews and selected suitable candidates to work with their organization.

Finally, a total of 267 persons have got jobs in “FAPCCI – Abhinav Hi Tech College Mega Job Fair”.

Chennai Port trust Press Meet on “Trade and Port Related”

The Chennai Port trust in association with the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) organized an Press Meet on “Trade and Port Related” on September 13, 2013 at Hotel Taj Deccan, Hyderabad.

Shri Atulya Mishra, IAS, Chairman, Chennai Port Trust, Shri P.C. Parida, Deputy Chairman, Chennai Port Trust, Shri C.S. Narender, President, CHA, Hyderabad and Shri Srinivas Ayyadevara, President, FAPCCI has addressed at the Media.

Sri Atulya Mishra said that the Chennai Port has signed its first Concession Agreement under the new PPP Policy for the Barge Handling Facility at Bharathi Dock with IMC in March, 2013.  On completion by the middle of next year, this facility will enable the Port to compete with International Ports like Singapore, Colombo for bunkers which is a growing segment.

GST Bill to be tabled in winter session: Mr J.D. Seelam

The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) organized an interactive meeting with Trade and Industry delegates with Mr J.D. Seelam, Hon’ble Union Minister of State for Finance (Revenue), Govt. of India on September 11, 2013 at Federation House, Red Hills, Hyderabad.

 Mr. Suresh Jandhyala, IRS., Chief Commissioner of Income Tax-I, Mr. B.B. Prasad, IRS., Chief Commissioner, Customs, Central Excise & Service Tax, Hyderabad Zone, Mr. Srinivas Ayyadevara, President, FAPCCI, Mr. Shiv Kumar Rungta, Senior Vice President, FAPCCI, Mr. Anil Reddy Vennum, Vice President, FAPCCI and Mrs. P. Vydehi, Secretary (I/c), FAPCCI  has also addressed at the meeting.

A Bill for introduction of Goods and Services Tax (GST) would be tabled in the Parliament during the winter session, Union Minister of State for Finance, J.D. Seelam said here on Wednesday.

The Parliamentary Standing Committee on Finance had submitted its report and a sub-committee in the Finance Ministry had been appointed to examine it, he told reporters on the sidelines of a meeting with the members of FAPCCI.

Replying to a question, he expressed confidence of achieving the disinvestment target of Rs.40,000 crore this year. “We have to take follow-up action. Apprehensions need to be removed. We are confident of getting Rs.40,000 crore”, he added.

On tax collection, he said the trend improved in the second quarter and asserted that the target would be achieved. He indicated that there would be curbs on the imports of some non-essential items in a bid to control Current Account Deficit (CAD).

Earlier, he assured to take up with the Union Finance Minister and RBI the demand of FAPCCI to provide relief to the industry in Andhra Pradesh with regard to staggered payment of loans.

Addressing FAPCCI members, Mr. Seelam said the aim of the government was to make tax collection a pleasant job. The departments collecting tax would act like facilitators and not regulators. He, however, rejected the demand to go slow on tax collection because of the difficulties facing the industry in the State and said the collected amount was being ploughed back for welfare and developmental schemes. He said the government was also thinking up of opening up more areas for Foreign Direct Investment (FDI) as part of reducing CAD. Also there was a need to increase exports and reduce imports.

The minister said that although 13 crore to 14 crore people were having PAN cards, only 3.5 crore were paying taxes. Pointing to the need to expand the tax base, he said it could go up to seven crore. 

Seminar on ‘The Secret behind Swiss Innovation’ on Sep 17, 2013

The Swiss-Indian Chamber of Commerce India in association with The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) is organizing a Seminar on ‘The Secret behind Swiss Innovation’ on Sep 17, 2013 at 4.00 pm at Surana Udyog Auditorium, Federation House, Red Hills, Hyderabad.  

Switzerland had a longstanding tradition of supporting research and innovation. The Global Innovation Index, 2012 had ranked Switzerland Number 1 in the world based on these parameters. The R&D expenditure was estimated at 3% of GDP, two thirds of which was from the private sector.

The Secret behind Switzerland’s successful innovation initiative is a focus on creative thinking, a well trained work force, excellent academic institutions, developed infrastructure, diverse funding possibilities and high R&D expenditures. 

To appraise and create awareness about the Swiss Innovation Model, Swiss-Indian Chamber of Commerce India jointly with FAPCCI is organizing this Seminar on ‘The Secret behind Swiss Innovation’ on 17th September, 2013 at 4.00 p.m. Surana Udyog Auditorium, Federation House, Hyderabad. 

Mr. Rolf Frei, Consul General of Switzerland in Bangalore has consented to participate and address the Seminar.  Dr. Margrit Leuthold, Executive Director, swissenex India will be the Keynote Speaker. 

For more information & registration interested persons can contact Mr. Kulkarni on 98482 86640, 8008579625 at the earliest. 

There is no Participation Fee, but prior registration is compulsory.