The Indian exporters, SMEs are exploring newer markets to generate business.
The Indian exporters especially the SMEs are exploring newer markets worldwide to generate business. In the wake of the ongoing Eurozone debt crisis Seychelles has emerged as a good business partner to India. The two countries have inked two economic agreements to bolster bilateral trade on June 2, 2010. The Seychelles president is inviting Indian companies to invest in diverse sectors such as industrial, fishing, oil, exploration, hospitality, retailing and IT among others and Indian SMEs can look to establish trade ties with the companies in Seychelles. Setting footprints in Seychelles will help Indian small firms to get access to various African markets such as Egypt, South Africa and Kenya thereby enhancing their scope of generating business. Seychelles, an Indian ocean archipelago, imports a significant amount of products from India. The Central Intelligence Agency (CIA) say that India is the sixth largest import partner of Seychelles in 2008, accounting for 6.9 per cent of the total imports by Seychelles. Machinery and equipment are among the main products imported by Seychelles and with the country promoting the development of small scale manufacturing to better the national economy, there is a demand for these goods among Seychellian manufacturing SMEs. The small Indian exporters of machinery and equipment can step up their revenues by increasing their shipments to Seychelles.