J’khand CM lays foundation for World Trade Centre in Ranchi

Jharkhand Chief Minister Hemant Soren on Friday laid the foundation stone for a World Trade Centre WTC here to give impetus to exports by having all facilities for international trade under one roof and generate employment opportunities for youth of the mineral-rich state.

Jharkhand Chief Minister Hemant Soren on Friday laid the foundation stone for a World Trade Centre (WTC) here to give impetus to exports by having all facilities for international trade under one roof and generate employment opportunities for youth of the mineral-rich state. Speaking on the occasion, Soren said, the WTC will connect Jharkhand's trade to other states of the country as well as abroad. "We aim to strengthen the rural economy and generate opportunities for self-employment. In this regard, we are providing a market for Palash brand, under which indigenous products are manufactured by women self-help groups. Our aim is to create a market of Rs 1,000 crore for this brand," Soren said. The state government had launched the 'Palash' brand in September 2020 to boost village entrepreneurship and employment. The WTC is being set up on 3.45 acres near the Jharkhand Assembly building.

The chief minister directed the officials and contractor to ensure that the building is completed within the fixed deadline.

The facility is expected to be completed in the next two years, officials said. Principal secretary of Industry Department Vandana Dadel said the WTC will come up at a cost of Rs 47 crore, including Rs 19.6 crore from the Centre's contribution and Rs 27.4 crore from the state's share "All facilities for international trade such as a regional office of the foreign directorate, Indian exports related offices, currency exchange, display area, and seminar halls will be there under one roof," Dadel said.

The WTC will promote exports of agricultural food products, textiles, tussar products and engineering goods. The major items exported from the state are iron, steel, auto parts, and iron and steel products. The state government is currently working on several policies such as electric vehicle policy, ethanol policy, and export policy to boost the industrial sector, the official said. Elaborating on the state's exports scenario, managing director of Jharkhand Industrial Infrastructure Development Corporation (JIIDCO) Jitendra Singh said Jharkhand exports products to around 50 countries in the world.

"Total exports from the state stood at $1622.31 million in 2020-21, which rose to $ 2,201.56 million in 2021-22 (until Feb 2022)," he said.

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