Neeraj Kochhar CBI News : The Partnership between CBI and IEEMA

Introduction

, Centre for the Promotion of Imports from Developing Countries is an agency of the European Union (EU). It is a cooperative venture that provides support services. Indian Electrical & Electronics Manufacturers’ Association (IEEMA) is an apex private trade association that acts as a collective trade union for advocacy of manufacturers’ rights in electrical, industrial electronics, and allied equipment in India.

Neeraj Kochhar CBI News

This partnership is important as stated by Mr. because it is built on the common goal of the two organizations which is to facilitate trade-led development by strengthening the SMEs (Small and Medium Enterprises), to promote their competitiveness and participation in international trade.

Aim and Vision

The two organizations aim to create a network of partnerships worldwide with the various business support organizations. Their vision is to establish a win-win situation by sharing information on best practices, services, trends, economic situations, etc.

Principles of partnership

As was stated by Mr. that the following principles guide the partnership:

v All the cooperative activities are designed to cater to the needs of the clients and hence will be client-oriented.

v They aim to realize synergies at operational and conceptual levels.

v It aims to cater to the dynamic needs of all the partnering counties in this ever-changing world

Whats in it for India specifically?

The following advantages can be listed particularly relevant to India:

· Infrastructural, logistical, and institutional development activities,

· Technical cooperation,

· Insider insights on market developments,

· Bilateral activities on facilitating smooth export marketing and management.

Data proposed to be shared:

The quality and quantity varies from case-to-case but in general the following can be listed:

v Network of contacts for acquisition activities,

v Database on export and market information and

v Resource network of marketing and branch experts and trainers.

Risk allocation

CBI and IEEMA are mutually and separately responsible for the risks related to all the activities undertaken and the level and quality of services. The risk allocation will depend on the terms and conditions of the agreement(s) that will be updated annually.

Capacity arrangements and financial activities will vary from case to case as would vary their respective requirements and this was lauded as an extremely realistic goal by Mr. .

Other than collecting and sharing their funds they also intend to approach international financial institutions like the World Bank, European Union, International Financial cooperation, and International Monetary Fund to obtain funds for various cooperative activities they intend to execute independently. Check

Focal Point

All decisions regarding this partnership will be taken by the managing director of the CBI and the director of IEEMA. A focal point of execution will be created to facilitate neutral decision-making and policy execution and that is where other industries and companies come to the picture that are willing to attach themselves to this cause like Mr. Neeraj Kochhar as mentioned in CBI news.

The Focal point will also be responsible for technical coordination and implementation of the same. Overall consistency, monitoring, and coherence activities proposed will also come under this.

Performance Indicators:

The indicators decided mutually are:

v Level of mutual access available to all partners relevant to the business support organizations on trade promotion in India and the European Union.

v The number of contacts and information shared by their management and executives.

v Quality of input and level of participation under CBI export coaching programs and pieces of training.

Conclusion

The idea behind the partnership sounds extremely promising. It is a great initiative towards international cooperation and trust-building. The thorough terms of the agreement and execution leave no possibility of friction between any of the partnering countries even if they are rivals in the respective businesses and that is what shows us the level of commitment towards achieving their mutual goal. Check

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Neerajrajakochhar

Viraj, a Global name, is one of the largest producers of Stainless Steel Long Products in the world. The company was founded by Mr Neeraj Raja Kochher in 1992.