Sharma calls for new credit mechanisms to boost SAARC trade

India's minister of commerce, industry and textiles, Anand Sharma today suggested new credit mechanisms and incentives to support regional business initiatives in the South Asia region.

Addressing the plenary session of the SAARC Business Summit in New Delhi, he said special incentives should be provided to incentivise entrepreneurs for developing commercially-viable regional projects.

''We also need to develop new and imaginative credit mechanisms which expressly focus on supporting regional business models,'' Sharma said.

Replying to queries on credit to exporters/investor, the minister said, ''I am sure the government will take a considered view. Industry needs investment. Cost of credit needs to be brought down.''

On Pakistan giving MFN status to India, the minister said everything was on track and it would be a reality in due course of time.

He said SAARC countries should work together to improve the customs infrastructure and expedite the processing at the border posts.