Union Minister of Finance, Corporate Affairs Smt. Nirmala Sitaraman inagurated Indian Institute of Foreign Trade (IIFT) Kakinada campus, Andhra Pradesh today in the august presence of Union Minister for Commerce and Industries, Consumer Affairs, Food, Public Distribution and Textiles Shri. Piyush Goyal.
Addressing the gathering, she said Kakinada will play a key role in the country’s economy as a trade hub with the establishment of the southern campus of IIFT. She further said that setting up of IIFT in Kakinada, which is a hub for foreign trade, is very appropriate in the state of Andhra Pradesh, which has shown importance its enormous export potential.
She praised that the entrepreneurs of the Andhra Pradesh region had recognised the importance of marine products and their exports to foreign nations. With wide coastline extending about 700-km long and the government incentives provided to entrepreneus have put the state at the forefront of expanding its foreign trade with international standards. She further stated that Andhra Pradesh has huge potential for trade in pharmaceuticals, auto, textile, rice, rice bran oil, fruits and vegetables.
On this occasion, she referred to Prime Minister Narendra Modi’s suggestion to encourage the states to come forward for the establishment of export promotion offices in foreign embassies to expand international export opportunities for their products.
She also said that many states in the country are larger in terms of area than many European countries, and every district is a center for each unique product.
He said that the central government has taken up the One District-One Product policy to provide incentives to these diverse products. Also, many local products are getting international recognition and states should pay special attention to promote their exports.
She urged the students of IIFT to study their course not only for academic degree but also to continuously study the global trade conditions and opportunities and provide suggestions to the Central Department of Commerce in policy making and become constructive partners in the country’s economic progress.
She said that Kakinada campus is different and students can get an opportunity to develop more comprehensive and field-level skills through direct observation in Kakinada region which plays a vital role in foreign trade with various exports.
Union Minister Nirmala Sitharaman revealed that after the bifurcation of the state, the central government is setting up ten prestigious institutes in Andhra Pradesh such as AIIMS, IIM, IISER, NID, IIFT, IIP, on the initiative of the Honorable Prime Minister.
The programme was attended by Members of Parliament, Smt. Vanga Geeta, Shri GVL Narasimha Rao, Shri P. Subhas Chadnrabose, Shri M. Bharat Ram, Andhra Pradesh Finance Minister Shri B. Rajendranath Reddy, Civil Supplies Minister, Shri K. Venkata Nageswara Rao, BC Welfare, I&PR and Cinematography Minister Shri Ch. Venugopala Krishna, R&B Minister Shri D. Raja and others.
