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India looking at tapping new markets for edible oil: Finance Minister Nirmala Sitharaman

World Materials 12 May 2022 07:14
India looking at tapping new markets for edible oil: Finance Minister Nirmala Sitharaman

India was looking at tapping new markets for the import of edible oils, following the conflict between Ukraine and Russia, Union Finance Minister Nirmala Sitharaman said here on Tuesday. According to her, the country was facing various hurdles on the import of edible oils due to the conflict, Trend reports citing Money Control.

"Everyone knows there is a war going on between Russia and Ukraine. There are various hurdles in terms of importing oils. You know we are not able to import edible oil, we were getting sunflower oil. Now, we are not," she said at an event.

"Now, we are importing edible oils from various other markets and are also looking at newer markets," she said.

Sitharaman said due to the Ukraine-Russia conflict, an opportunity has also arisen for industrialists in terms of tapping those markets for exports from India. "Earlier, they (Ukraine and Russia) were exporting to some markets. Now, they are not exporting (due to the conflict). We have got an opportunity to export to those countries (where Ukraine and Russia were exporting). You (as industrialists) should also look at opportunities in every challenge and the Central government was always ready to offer its support," she said.

The Finance Minister was speaking at the Stakeholder's Outreach Programme organised by the Directorate General of Foreign Trade on the occasion of India signing a Comprehensive Economic Partnership Agreement with the United Arab Emirates and the Economic Cooperation Trade Agreement (ECTA) with Australia.

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