Page 142 - CW E-Magazine (28-5-2024)

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FLOW CONTROL SOLUTIONS
L&T Valves opens new manufacturing facility

in Saudi Arabia

Larsen & Toubro (L&T) has
announced that its wholly-owned arm,
L&T Valves Ltd., has set up a new manu-
facturing unit in Saudi Arabia. The
facility is strategically located at
Al Jubail, off the Dammam-Abu Hadriyah
Highway.

The new facility operating under
L&T Valves Arabia Manufacturing
LLC boasts systems and processes cer-
tified to meet the stringent requirements
of ISO 9001 (Quality Management
Systems), ISO 14001 (Environmental
Management Systems) and ISO 45001 the company said in a statement. “The The opening of the new facility
(Occupational Health and Safety Man- new facility will significantly enhance marks a significant milestone and the
agement Systems). Additionally, the our local production capabilities in beginning of a new era for world-
entity is authorised to use the API 600, line with the Saudi Vision 2030. It will class “Made-in-KSA” flow-control
593, and 6D monograms of the American further strengthen the collaboration solutions catering to the energy and
Petroleum Institute. between L&T and Saudi Arabia,” said allied sectors, the company said.
Mr. Anil Parab, Whole-time Director The facility will address the growing
L&T Valves is one of the largest and Senior Executive Vice President, requirements in the Middle East and
suppliers of on-off valves to Saudi Arabia, Heavy Engineering and L&T Valves. Africa, it added.

TRADE TRENDS
‘India’s imports from FTA partners more than double

exports during 2019-2024’

India’s imports of goods from coun- significant and varied impact of FTAs on 23.06 percent from $13.13-bn to $16.16-bn
tries with which it has free trade agree- India’s global trade dynamics,” GTRI said. in the last fiscal. Exports to 10-nation
ments (FTAs) like the UAE, South Korea South-East Asian bloc ASEAN, increased
and Australia grew about 38 percent dur- According to GTRI data, India’s by about 10 percent to $41.21-bn in the
ing 2019-24 fiscal years to $187.92-bil- exports to the UAE increased by 18.25 per- same period, while imports jumped by
lion, according to Global Trade Research cent to $35.63-bn in 2023-24 as against 34.3 percent to $79.67-bn. India’s out-
Initiative (GTRI), a think tank focused on $30.13-bn in 2018-19, while imports bound shipments to South Korea rose by
climate change, technology and trade. surged 61.21 percent, from $29.79-bn in 36.38 percent during the last five fiscal
FY2019 to $48.02-bn in the last fiscal. The years, while imports increased by 26.12
On the other hand, the country’s FTA between India and the UAE came percent. India and South Korea’s compre-
exports to the FTA partners rose 14.48 into effect in May 2022. Similarly, the hensive economic partnership agreement
percent to $122.72-bn in 2023-24, from country’s exports to Australia, with which came into force in 2011. Exports to Japan
$107.20-bn in 2018-19. “From FY2019 the interim trade pact came into force in showed a modest increase of 6.06 per-
to FY2024, India’s imports increased December 2022, more than doubled to cent, while imports rose by 38.56 per-
by 37.97 percent, from $136.20-bn to $7.94-bn in 2023-24 from $3.52-bn in cent. India-Japan FTA was implemen-
$187.92-bn. This growth highlights the 2018-19. Imports from Australia grew ted in 2011.

142 Chemical Weekly May 28, 2024

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