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G.K. Nair

KOCHI, Jan. 23

THE International Commodity Exchange (ICE) for futures trading in pepper has sought financial assistance from the Union Government for sending delegations abroad to promote the exchange in the pepper-producing and trading countries.

The India Pepper and Spice Trade Association (IPSTA), promoter of the ICE, has already chalked out a plan and under which the promotional activities will be taken up in three phases, according to Mr Kishor Shamji, President, IPSTA.

As the Association found it difficult to bear the entire cost, it had represented to the Spices Board seeking a financial assistance to the tune of Rs 11 lakh, he said. IPSTA could make available only Rs 2-3 lakh.

In the first phase, a delegation will be sent to the South-East Asian countries such as Indonesia, Malaysia, Singapore, Thailand, Sri Lanka and Vietnam. In the second phase, it will visit the European Union countries while the US and other countries in that region will be covered in the third phase. If everything goes on well, the first delegation will be sent sometime in March-April.

At present, there is only one international member even though the exchange has become operational about two years back.

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