To tap the growing demand for management professionals, the Indian Institute of Foreign Trade (IIFT) will set up its regional centre in Himachal Pradesh, Commerce and Industry Minister Anand Sharma said here Sunday.
"The ministry of commerce and industry will set up IIFT regional centre in the state. For this, Rs.30 crore will be initially provided to the state for developing its infrastructure," Sharma told reporters.
Chief Minister Virbhadra Singh, who was also present along with the visiting union minister, said the state government would provide land for the institute near Shimla.
Sharma said the ministry would provide Rs.10 crore annually to the IIFT centre.
Besides conducting professional courses, the minister said, the regional centre, which will be the second in the country after Kolkata, would also provide training and conduct developmental activities specific to the small and medium enterprise sector.
Sharma was here to hold consultations with state government functionaries on industrial development projects, especially those related to his ministry.
The IIFT was set up in 1963 by the central government as an autonomous organisation to help professionalise the country's foreign trade management and increase exports by developing human resources, generating, analysing and disseminating data and research.