VIJAYAWADA: An office under the Directorate General of Foreign Trade would be opened in Vijayawada shortly to provide guidance to exporters on various issues involved in foreign trade, Joint Director General of Foreign Trade SBS Reddy said on Thursday.
Reddy, speaking at a seminar organised jointly by the DGFT and Andhra Chambers of Commerce and Industry Federation, explained export policy, schemes, incentives and subsidies available to exporters. He also focused on procedures to be followed by new exporters and the documents required.
Andhra Bank zonal manager GSV Krishna Rao explained how export credit is advanced and the role of banks in stepping up exports by providing finance. He spoke about types of loans available — pre-shipment and post shipment credit in detail and also letter of credit. He said that every year RBI comes out with master circular on exports during July.
Chambers executive director Potluri Bhaskara Rao explained the potential the region held out for exports and the opportunities available in the area of agro-based value added products, marine, tobacco, cotton, apparel, spices, granite and cereals like rice.
AP is one of the top exporters of rice and marine products in the country. Since the region has excellent infrastructure like national highways, ports, railways, power and airport, entrepreneurs should take advantage of the benefits for doing export-oriented business.
President-elect of the chambers Muthavarapu Murali Krishna said that the exports from the area were meagre compared to the potential. The state has 1,000 km coastline and can become a major hub for southeast Asian countries.