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India: Tea companies shy away from Dubai auction centreBy Rajesh Kumar, Section Business
Kolkata, Several top Indian tea companies are putting off plans to set up an auction centre in Dubai because tea buyers there are reluctant to come to a payment guarantee module.
In its bid to attract Indian tea traders to sell through Dubai, the United Arab Emirates (UAE) had come up with the auction centre plan and also offered several concessions. But now tea traders in Dubai are shying away from clearly stating at what price they are hoping to buy Indian teas. According to Indian Tea Association (ITA) sources, the industry had been enthused with the proposal made by Dubai Tea Trading Centre in March last year because it could better address the West Asia and North Africa (WANA) region.
ITA official said setting up the auction centre had become difficult because tea traders in Dubai weren't assuring Indian suppliers about the price structure.
Dubai wanted Indian tea firms to sell through auction houses to be set up in the Jebel Ali Free Zone. It also offered income tax and sales tax exemption, besides offering free warehousing facility for up to 45 days. Consequently, Indian tea majors petitioned the Tea Board, the regulatory body, to set up an auction centre in Dubai. India's tea act of 1953 calls for the regulatory body to set up an auction centre, either alone or in partnership, to be able to sell through a foreign market. Indian tea growers now sell mostly through auction markets in Kolkata, Guwahati, Siliguri and Coimbatore. Dubai could have been India teas' first overseas auction market. India sold about 45 million kg in the WANA (West Asia-North Africa) region in 2004. Hopes were that the centre in Dubai would help augment exports of Indian teas that stood at 172 million kg in 2004. Indo-Asian News Service http://www.keralanext.com/news/readnext,1.asp?id=148651&pg=2
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