Following the war between Ukraine and Russia, India is looking to reach new markets for the import of edible oils, according to Union Finance Minister Nirmala Sitharaman. According to her, the country’s ability to acquire edible oils has been hampered by the fighting.
“Everyone is aware of the ongoing conflict between Russia and Ukraine. Importing oils presents several challenges. We were obtaining sunflower oil since we couldn’t import food oil. We are not now, “she stated at a gathering
“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 exported 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 organized 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.