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Friday, July 20, 2007

Commerce minister named FDI personality of year

:::::Commerce minister named FDI personality of year :::::
LONDON: Commerce and industry minister Kamal Nath has been chosen global FDI Personality of the Year 2007 by a global business publication, earlier won by Brazilian President Luis Inacio Lula da Silva and Mexican President Vincente Fox.

“The award is in recognition of your active efforts to attract foreign businesses to India, boost exports and promote trade and investment — the results of which have been a substantial increase in FDI inflows to India and rise in export volumes last year,” the citation said. The country’s exports have almost doubled to Rs 5,63,800 crore during 2006-07 from Rs 2,93,367 crore in 2003-04, growing at average annual rate of 25% in the last three years.

The country’s FDI equity inflows have risen to Rs 70,630 crore in 2006-07 from Rs 10,237 crore, showing a seven-fold increase. “In 2006-07, FDI inflows grew 183.56%,” Mr Nath said. The publication said by choosing FDI Personality of the Year, it recognises leaders around the world who have been the most proactive and innovative in securing foreign investment.

Source : - Commerce minister named FDI personality of year

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