Bilateral Current Affairs
August 2012 Bilateral Relations Current Affairs
Category : Bilateral Current Affairs
posted Date :
Total No.of views :
Total No.of Comments :
4 / 5 (1 votes)
August 2012
  • Giving a big boost to trade and bilateral relations with Pakistan, the Government of India on 1 August , notified law permitting investments by citizens and companies, under the government route, in sectors/activities other than defence, space and atomic energy, of the neighbouring country. The move is likely to give new direction to South Asian economic integration. Pakistan was the only country in the negative list under the Foreign Exchange Management Act (FEMA), which prohibits investments in India. Sri Lanka was removed from the list in 2006 and Bangladesh in 2007. The initiative is part of a road map drawn by Trade Ministers and leading chambers of commerce of the two countries to give a fillip to trade and economic engagement. Officials in the Industry Ministry said that to address security concerns over investments from Pakistan, FDI proposals from Islamabad would be routed through the Foreign Investment Promotion Board (FIPB), which is headed by the Economic Affairs Secretary in the Finance Ministry.
  • India and Israel on 2 August, entered into a memorandum of understanding (MoU) for launching a programme that would promote collaborative research across a wide range of disciplines from medical and information technology to social sciences, humanities and arts. The programme, which will run for five years, will provide support up to $1,00,000 a research project for three years. The MoU was signed by Professor Geiger Chairman of the Israel Science Foundation and Chairman of University Grants Commission Ved Prakash. After the signing ceremony, Israeli Ambassador Alon Ushpiz noted that both nations hosted some of the best academic institutions. “The linking of our researchers together comes only naturally,” he said. The programme was initiated during a recent visit of Minister for Human Resource Development Kapil Sibal to Israel, when he met with Israel’s Finance Minister Yuval Steinitz, Education Minister Gideon Sa’ar and Chairman of Planning and Budgeting Committee Manuel Trajtenberg.
  • India, on 2 August, invited Belgium to invest in the upcoming national manufacturing and investments zones (NMIZs) with a focused approach in energy, water disposal as well as treatment, and research and training. This was conveyed to the visiting Belgian Deputy Prime Minister and Minister of Foreign Affairs, Foreign Trade and European Affairs, Didier Reynders, by Commerce and Industry Minister, Anand Sharma, during his meeting in New Delhi. An official statement issued after the meeting said the visiting Belgian Minister offered expertise in water treatment, waste disposal and energy sector which would be useful in NMIZs .NMIZs will be mega industrial zones with world-class supporting infrastructure.The government is offering incentives such as exemption from capital gains tax and a liberalised labour and environment norms to promote these zones.