Day: January 10, 2023

Jan 10

Exim Bank Malaysia inks MOU with Indonesian counterpart to strengthen cooperation in investment, financing opportunities

KUALA LUMPUR (Jan 9): Export-Import Bank of Malaysia Bhd (Exim Bank Malaysia) has inked a memorandum of understanding (MOU) with its Indonesian counterpart, Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank), to strengthen their business relationship, and to foster mutual understanding and close coordination through the exchange of information, experiences and business connections. Both parties recognise the growth potential and investment opportunities between Malaysia and Indonesia, and are keen to maintain an active dialogue and streamlined communication channel for referrals of projects Read Full Details…

Jan 10

Foreign companies in China no longer required to file with authorities

China introduced amendments to its legislation on the mandatory registration of foreign business entities with China’s commercial authorities, Russia’s trade representative office in China said on Monday. “Local commerce departments will no longer require confirmation of registration as a foreign economic activity participant when issuing quotas, licenses, and certificates related to export-import activities,” the trade mission said in a statement on Telegram. The authorities will no longer require business entities to provide foreign-trade operator registration materials in applying for import Read Full Details…

Jan 10

Customs duty on 35 items may be hiked in Budget 2023

India has drawn up a list of over 35 items that are being examined for a possible customs duty increase in the upcoming budget, scheduled to be announced on February 1. Private jets, helicopters, high-end electronic items, plastic goods, jewellery, high-gloss paper and vitamins are among items that are on the list prepared by the government. “A list has been drawn up based on the inputs from various ministries that are being examined,” said a government official. The move is Read Full Details…

Jan 10

India’s tea export prospect to G20 nations bright, say stakeholders

Indian tea industry’s export prospect is bright, as a whole and to G20 nations in particular, amid the uncertainties arising out of the non-placement of fresh contracts from Iran, and doubts over the quality and quantity of the crisis-hit Sri Lankan crop, stakeholders said on Monday. India exported 134.14 million kg of tea in the April-October period of the ongoing 2022-23 fiscal, with a major chunk of the shipments going to traditional buyers among the G20 bloc, according to official Read Full Details…

Jan 10

Optimism level fell for export and import freight demand in Q4 2022 compared to Q3 2022 – Dun& Bradstreet India study

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, has releasedthe 4thedition of Railway Freight Activity Optimism Index (RFAOI),in collaboration with Jupiter Group, a premier manufacturer of railway wagons, passenger coaches, wagon components and castings. The RFAOI survey of rail freight users (industry and service providers) gauges optimism levels for rail freight activity in the forthcoming quarter. The index comprises of 14 factors across four sub-indices of optimism – supply factors, operational efficiency, investment, and demand. Read Full Details…

Jan 10

Gem, Jewellery Industry Seeks Abolition Of Import Duty On Raw Material For Lab-Grown Diamonds In Budget

Gem and Jewellery exporters on Sunday urged the government to announce support measures like the abolition of import duty on raw material for lab-grown diamonds and jewellery repair policy to promote the sector and boost shipments in the forthcoming Budget. The industry also suggested the introduction of presumptive taxation on diamond sales at special notified zones and the introduction of the proposed DESH bill, which seeks to replace the existing law for special economic zones. Seeking a kind of “diamond Read Full Details…