WTC Chandigarh and SETA to Step up Cooperation

CHANDIGARH, INDIA - Aiming to foster international trade and investment, Ms. Khair Ull Nissa Sheikh, Executive Director of WTC Chandigarh and VERBIND -its trade services arm- met the Executive Director of Shanghai Elevator Trade Association, Mr. Qin Jiong, to deliberate about international economic and trade cooperation between the two regions in the Elevator Sector.

Being the fastest growing major economy, India has a robust Real Estate sector and is also aiming to develop world class technology and benchmark in the sector. Chinese Elevator companies can contribute to the growth of the sector by foraying into the Indian market with their technology and expertise. 

VERBIND laid emphasis on its aim to bolster India-China economic relations in the sectors of mutual interest with SETA. Steady growth of the construction industry coupled with the development of high-quality public transport systems in India is responsible for the Elevator market’s impressive projected growth rate of more than 15% for 2016-2019. 

Market research analysts have estimated upcoming trends, such as the advent of smart elevators in India, to foster market growth during the next five years. SETA, comprising of over 300 Elevator Companies of China, is an ideal partner for facilitating the Indian Elevator sector’s growth.

Along with other key deliberations, VERBIND assured facilitation services to SETA in India. VERBIND also paved the institutional mechanism for such facilitation through setting up a Dedicated Zone for Chinese companies.

In furtherance of their desire to promote closer engagement in this field, VERBIND and SETA expressed their desire to sign MOUs that will help the two to establish a framework for regular interactions, share experiences, learnings and best practices. The meeting accelerated a step further towards fostering synergies and ties between the two organizations in the Elevator sector.

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