World Trade Centre will strengthen economic activities in Jharkhand, says CM Hemant Soren

Jharkhand Chief Minister Hemant Soren laid the foundation stone of the World Trade Center at Dhurwa, Ranchi on Friday with a view of giving impetus to the export business and providing better facilities.

During the ceremony, he stated that the world trade centre will play a crucial role in strengthening the economic activities in the state. He added that the mission is to generate an annual turnover of around Rs 1,000 crore every year.

The CM has also given strict orders to the contractors involved in constructing the building to complete it within the stipulated time of two years or else strict actions will be taken.

Meanwhile, the chairman of Jharkhand Industrial Infrastructure Develepment Co (JIIDCO) Vandana Dadel said that the world trade centre is being built under the Trade Infrastructure for Export Scheme ties initiative and the total cost of making it is Rs 47 crore.

“The world trade centre will have every facility with regard to international trade under one roof. It will have the regional office of the Directorate General of Foreign Trade, foreign exchange and offices of the Indian Trade Union,” she added.

The World Trade Centre will promote exports of agricultural food products, textiles, tasar products and engineering goods.

Jharkhand is the largest producer of silk in the country, which accounts for 76.4% of the total production of the country. Estimating the goods exported from Jharkhand, the total export from the state stood at US$ 1,622.31 million in 2020-21.

Exports from the state stood at US$ 2,201.55 million in 2021-22 (up to February 2022). The major items exported from the state are iron, steel, auto parts, iron and steel products. In the financial year 2021-22, the total export of iron and steel from Jharkhand was US$ 1.367 billion, which was 62.1% of the total exports. Jharkhand produces 53% of the total 5 states producing lakh.

Around 32% of exports from Jharkhand go to South Asian countries like Bangladesh and Nepal whereas 25% of the state’s exports go to Southeast Asian markets. Exports are 13% to European countries such as Italy and 11% to East Asian markets such as China.