During 2004-05, STC was nominated by the Government of Uzbekistan as a nodal agency for imports from and exports to India.
The Corporation has also been planning to set up operations in the areas of pharmaceuticals and textiles in Uzbekistan jointly with local entrepreneurs.
In another significant development, the Corporation has entered into overseas steel operation in Philippines under which the STC would supply raw materials from third countries to a steel plant set up by an Indian company in Philippines.
Over the years, the Corporation has catered to the socio-economic objectives of the country by ensuing remunerative prices to growers of certain agricultural products like rubber, tobacco, shellac, lemon grass oil and sticklac through price support operations undertaken from time to time.
These operations always had a salutary impact on the prices. The infrastructure and the expertise developed by the Corporation has equipped it to handle wide variety of trade transactions.
Of particular significance is the “offshore trade” undertaken by STC. In one such transaction, the Corporation realised money under Government of India's debt repayment plan by procuring rice from Vietnam and exporting it to Singapore.
Established in the year 1956, primarily with a view to undertake trade with East European countries and to supplement the efforts private trade and industry in developing the exports from the country, the STC has built a network of Rs.306 crore and contributed a sum of Rs.775 crore till date to the public exchequer by way of payment of dividends and taxes.
Serving as an arm of the government not only to regulate the foreign trade but also for intervention in domestic market, the Corporation commends a reputed image in the global market, according to various surveys of India's Fortune 500 companies.
Press Information Bureau Government of India
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