MADURAI: The entrepreneurial business community in Madurai is all set to explore new overseas trade avenues in a big way.
A 100-member delegation of Young Entrepreneur School (YES), a forum of Tamil Nadu Chamber of Commerce and Industry TN in Madurai are scheduled to visit US to accentuate bilateral trade and investment.
The entrepreneurs engaged in various business activities will leave for US to visit on June 7. "They would be visiting cities like New York, Las Vegas, Los Angeles, Orlando, Miami and San Francisco and meet business people there," S Rethinavelu, chairman of Tamil Nadu Chamber Foundation told reporters on Wednesday. The Madurai delegation named 'Bizcover America' would return on June 25.
Rethinavelu said the delegates will have detailed interaction with US industrialists and businessmen, besides those of Indian origin. "The delegation would also visit and make a spot study of leading industrial units of US. They will participate in Infocomm 2014 Exhibition at Las Vegas, one of the largest audio visual and information communication equipment expo," Rethinavelu said.
V Neethimohan, managing trustee of TN Chamber Foundation and head of Bizcover America said the delegation comprises entrepreneurs from neighbouring southern districts also. They are into various trades from sweet manufacturing to pharma and handloom with a turnover from Rs 1 crore to Rs 100 crore.
The delegation would meet eminent Indian businessmen like Jey Amalraj, executive director and chief business technologist, Global Real Assets of J P Morgan's Global Asset Management and Saran Kanakaraj, non-executive director and founder of Variman Technologies.
"We would also visit New York Stock Exchange, Levi Strauss & Co in Levi's Plaza, learn about online store Zappos.com's supply chain at their back office and meet members of US India Business Council," said A Kannan, managing director of Park Wood.
The visit would not only be an eye opener for Madurai businessmen on international trade but would also enlighten American business community about the investment opportunities in Tamil Nadu and particularly in south. Madurai entrepreneurs already have a formidable network in south Asian region with the business association going back by several decades.
Industrialists here estimate that the total overseas investment by business community in Madurai would be just around Rs 100 crore. "People from Madurai have invested in countries like Indonesia, Vietnam and Sri Lanka in sectors like edible oil and chemicals," says N Jegatheesan, president, TNCCI.
However, there is little to say about trade ties with Western countries. The US visit has come as an indication that Madurai business community have begun exploration in the West too.