: Indo-Middle East spice buyer-seller meet draws good response #FinanceIndia #StockMarketNEWS #Business IANS Kochi The Spices Board in association with the Embassy of India in Abu Dhabi organised

@StockMarketNEWS Mon 25 Oct, 2021

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Indo-Middle East spice buyer-seller meet draws good response #FinanceIndia #StockMarketNEWS #Business
IANS

Kochi

The Spices Board in association with the Embassy of India in Abu Dhabi organised an International Buyer Seller Meet (IBSM) on a virtual platform with specific focus on spice exports.

The meet held on Wednesday saw over 250 Indian exporters and 40 potential buyers from the Middle East taking part.

India is an important partner to the Middle Eastern countries in spice exports, while the UAE is India’s fourth largest export destination for spices.

In 2020-21, India exported 1,15,400 MT of spices valued at 0 million to the UAE, which accounted for 6 per cent in volume and 5 per cent in value of India’s total spice exports.

India’s spice exports, with a volume of 17,58,985 MT valued at ,178.81 million during 2020-21, scaled the landmark level of billion in value realisation, besides recording a growth rate of 37 per cent in volume, 16 per cent in rupee term and 11 per cent in dollar term over the previous year, despite the global pandemic situation.

Sandeep Kumar Bayyapu, Deputy Chief of Mission, Embassy of India, Abu Dhabi, who inaugurated the global online event, said that the UAE as a location provides strong logistical opportunities to tap into European and African markets.

Diwakar Nath Mishra, Joint Secretary (Plantation), Ministry of Commerce and Industry, Government of India, said that India and the UAE have been sharing trade and culture relations from ancient times, and events like this will sensitise and educate the farmers to incorporate good agricultural practices free from pesticides and antibiotics.

“After Covid, demand for spices have gone up and therefore several researches have been carried out, especially on the medicinal properties of Indian spices,??? said Mishra.
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