Jharkhand lays foundation of world trade centre for export promotion

Trade Centre Jharkhand

Ranchi: The Capital city of Jharkhand, Ranchi, will have a well-equipped and integrated world trade centre (WTC) to facilitate exports of locally produced articles.

State Chief Minister Hemant Soren on Friday laid the foundation stone of the five-floor building of the WTC in the core Capital area on 3.45-acre plot. The building will be constructed at the cost of ₹44.59 crore and the centre is likely to become operational in the next two years.

“The construction of the World Trade Centre will help create employment opportunities, besides help the local industrial houses to make their mark in the country and the world with their products. Jharkhand is endowed with vast potential and the government is making sincere efforts to connect the industrial and commercial activities with the country and the world,” CM Soren, while laying the foundation stone of the World Trade Center.

Traders and businessmen of the state described the foundation laying of the trade center as a milestone and demanded that such structures should be developed at the divisional level as well. “The state, which is known all over the country for mineral resources and industries, was in the urgent need for a trade centre to ensure that the products of the state reach the global market,” said President of the Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) Dheeraj Taneja.

Trade Centre Jharkhand
CM Hemant Soren and Labour Minister Satya Nand Bhokta at the foundation laying function of World Trade Centre in Ranchi

Jharkhand nurtures industries for decades

Jharkhand is a state rich in minerals. Coal, iron and uranium are available in abundance here. Because of this, industrial activities have been going on here for decades. Many industrial business groups including Tata, Birla and Dalmia have set up their industries and companies here. The Heavy Engineering Corporation, built in association with the erstwhile Union of Soviet Socialist Republic (USSR), is known as the “Mother of Industries”.

Strengthening rural economy is a special priority

WTC is likely to work with the core principle of strengthening rural economy by way of providing entrepreneurs a direct excess to international market. Several schemes have been launched to promote cottage industries in the state. Products made by women self help groups (SHGs) have been marketed through Palash brand. These products are available in big malls and shopping complexes. The government is working towards increasing the turnover of the Palash brand to ₹1,000 crore per annum.

Trade Centre Jharkand

Bid to ensure benefit to local producers of forest products

The CM said that Jharkhand has tremendous potential earn hugely on forest products. So far, it has been observed that people sell forest based produces at very low prices due to lack of market. Though big companies from other states are buying these products and selling them in our own state at expensive prices. The government has taken this very seriously. Now, the government is making an action plan to ensure that the producers get direct benefits from the forests and other products here.

MoU between JUIDCO and SIDBI

The Jharkhand Urban Infrastructure Development Corporation (JUIDCO) has signed a memorandum of understanding with the SIDBI to provide financial assistance to develop industrial infrastructure and facilitate export facilities in the WTC. On this occasion, seed capital assistance Pradhan Mantri Formalisation of Micro Food Processing Entrerprises (PMFME) scheme worth ₹Rs 1.87 crore were distributed among 515 beneficiaries.

Also Read: New projects to help Jharkhand join league of advanced states: PM

Features of the World Trade Center

◆WTC will have all the facilities related to international business in one complex
◆It will have offices of Director General of Commerce and Export Council of India.
◆Space will be provided for companies involved in import and export
◆WTC to have currency exchange and money transfer facilitation centre
◆Special cells to promote exports of agricultural products, textiles and tussar products
◆WTC to have multi-purpose conference rooms, seminar halls, import & export banks
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