India needs KOTRA/JETRO-type Unified National Biz Promotion Agency to Promote its Global Trade: FISME

NEW DELHI: Indian industry has started to feel an urgent requirement for establishing a unified national trade and business promotion organization to push its exports on the lines of Japan External Trade Organization (JETRO) and Korea Trade-Investment Promotion Agency (KOTRA) with global footprints.

A suggestion to this effect was mooted by the Federation of Indian Micro and Small & Medium Enterprises (FISME) during a virtual interaction of various industry bodies with the Indian commerce and trade minister Piyush Goyal recently.

Other apex trade and industry organizations like CII, FICCI, ASSOCHAM, PHDCCI, and others also participated in this interaction.

“India has many export promotion bodies and councils but there should be one unified body like JETRO and KOTRA. Such organizations have a presence in every capital of the world and they work with their country’s embassies and consulates worldwide and promote their business interests,” said Animesh Saxena, the FISME president during this interaction with Piyush Goyal.

FISME is the apex industry body that represents over 400 small, medium, and microenterprise associations in India.

“Therefore, why cannot we have a unified body which should be based in different embassies and consulates to promote Brand India, and they should be helpful to the Indian exporters if they have any issues on foreign soil,” added the FISME president.

KOTRA is supported by the government of the Republic of Korea while JETRO by the Japan Government and both the organizations have their offices and branches in almost all major countries and continents across the world.  Both the organizations function globally to promote their countries’ overseas business interests and closely work with their respective embassies and consulates.

The Commerce minister reportedly was quick to react to the suggestion positively and asked the FISME president to submit a note on how JETRO and KOTRA operate and let his study that before taking a call on it.

“I am surprised that why our government has never thought of this kind of agency or unified national body or business promotion agency like Japan and South Korea. We will be preparing a note of JETRO and KOTRA as to how do they function, submit the same to the minister,” said Saxena.

Established in 1962, KOTRA has opened an extensive worldwide network of overseas Korea Trade Centers (KTCs) including India. KOTRA has a network of 127 offices in 84 countries worldwide with 10  regional headquarters. It has its Indian office headed by Kim Moon Young to address its business interests in the West Asian Pacific region.

JETRO is also is a government-supported organization that works to promote mutual trade and investment between Japan and the rest of the world.

Originally established in 1958 to promote Japanese exports abroad, JETRO’s core focus in the 21st century has shifted toward promoting foreign direct investment into Japan and helping small to medium size Japanese firms maximize their global export potential. Headquartered in Tokyo, JETRO has 76 offices overseas offices in 55 countries.