India, Czech Republic bilateral trade may hit $2 bn in 2012

The Czech Republic on Monday said bilateral trade with India is expected to touch USD 2 billion in 2012 on account of increasing economic engagement between the countries.
 
Czech Republic Industry and Trade Minister Martin Kocourek, who is leading a 50-member delegation here, said huge opportunities are present for businessmen of both nations to increase economic cooperation.
 
"Our trade has increased almost 10-fold during the last decade and we are likely to reach a new record level of USD 2 billion in 2012," Kocourek said at a CII function.
    
He said both the countries can cooperate in sectors like infrastructure, chemicals, environment and engineering.
 
In 2010-11, bilateral trade between the nations stood at USD 885.20 million. While India's exports to the European nation amounted to USD 208.42 million during the period, its imports totalled USD 676.78 million.
    
The Czech Republic mainly exports auto components, machine tools, textiles, printing machinery and equipment for the energy sector to India. Its imports from India include textiles, steel, chemicals, pharmaceuticals and electrical goods.