The Commerce and Industry ministry has asked the automobile industry to explore new markets in Africa and Asia to boost exports in the wake of demand slowdown in the western markets.
The world trade is contracting and multi-lateral organisations like WTO has downgraded the world trade from 3.5 per cent to 3.1 per cent, Commerce Secretary S R Rao said.
“In the last 3-4 years, there has been a perceptible shift in the world trade. The world trade is now controlled substantially and significantly by South-South countries,” he said.
“Huge potential exists in African markets for the sector. Look at the new markets other than the traditional ones,” the Secretary said adding the sovereign debt crisis in Europe is worsening.
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