Untapped export potential for Japan is more than USD 3 billion: FIEO

New Delhi: Japan has huge export potential in sectors such as pharmaceuticals, gems and jewellery, marine products, rice, bovine meat, and aluminium, exporters body FIEO said on Monday.

Federation of Indian Export Organisations (FIEO) President Sharad Kumar Saraf said India's export of USD 17.6 billion to Japan does not reflect the true potential of trade between the countries.

"The untapped export potential for Japan is more than USD 3 billion in sectors such as pharmaceuticals, gems and jewellery, marine products, rice, bovine meat, and aluminium," he said.

Saraf said the federation has launched India-Japan Business Group, an online platform, to promote interaction between business communities of the two countries for promoting exports, imports and investments.

FIEO has also signed an MoU with Japan-India Industry Promotion Association to promote trade.

FIEO DG Ajay Sahai said Indian exporters should look into value added segment of exports which account for major imports of Japan.

"In many of the products, the share of India is extremely low. India's share in electric and electronic components, machinery pharmaceutical and medical and surgical equipment requires massive improvement as combined imports of these products in Japan is over USD 250 billion," he said.

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