Over 550+ Global From 70+ Countries Expected
Our industry has the resources and the capabilities to become the world’s leading hub to source plastics, Hemant Minocha, Chairman of Plexconcil, said
MUMBAI, May 19 (The CONNECT) – With over 550+ global buyers from 70+ countries and 10,000 visitors expected to be a part of the country’s first ever export-oriented plastics exposition, Plexconnect 2023 to be held in less than a month in Mumbai, is all set to break business records.
Leading processors of the Indian plastics fraternity have already confirmed their participation and many more are expected to join soon.
Being held by the Plastics Exports Promotion Council of India (Plexconcil) under the aegis of the Union Commerce Ministry from June 15-17, 2023 at the Bombay Exhibition Centre (NESCO), the event has evoked an enthusiastic response, the organisers said.
Presently, 572 International buyers from across 73 countries have registered for the Reverse Buyer Seller Meet at Plexconnect 2023. In addition, Trade delegations from several countries such as Uzbekistan, Korea, Israel, Kyrgyzstan, Indonesia, & Brazil will also interact with participants in the show that is slated to attract a global audience as over80+ Indian embassies and high commissions have been promoting this government-supported event.
Plexconnect 2023 will also host participation of State Pavilions from Tamil Nadu, Telangana, Chhattisgarh and anticipate finalization of the same from Uttar Pradesh, Maharashtra, Gujarat, Madhya Pradesh, Punjab& Himachal Pradesh.
Conservative estimates are that the size of the global export market for plastics is about USD 1.2 trillion and with India’s share is just about 1.1%,said Hemant Minocha, Chairman of Plexconcil, and expressed the confidence that the country has the potential to garner 3% of the world market share in two years
The Council has been in contact with over 100 foreign missions, in coordination with the Ministry of External Affairs (MEA), to create buyer interest from their respective countries, he said.
Post Covid, there have been great disruptions in the global supply chains, and “we believe that rather than being the alternative to sourcing from China, our industry has the resources and the capabilities to become the world’s leading hub to source plastics,” Minocha said. It is in this context that Plexconnect 2023 assumes added significance, he added.
“Considering the fact that 90% of the country’s plastics units are MSMEs, Plexconcil is in touch with the government to extend the benefits under the PMS Scheme to our exporters,” SribashDasmohapatra, Executive Director, Plexconcil, said. This will help facilitate their participation at very minimal or no cost to them.
The recent signing of the Economic Cooperation and Trade Agreement (ECTA) with Australia and the Comprehensive Economic Cooperation Agreement (CEPA) with the UAE, are bound to be harbingers ofincreased role for the Indian plastics industry in the international trade. “We are keenly looking forward to many more such agreements in the near future,” he said.
“The new Foreign Trade Policy (FTP) released on March 31 places renewed thrust on emerging areas like e-commerce, streamlining of the SCOMET policy, provision for merchanting trade, and encouraging overseas transactions in INR with an aim to make it a global currency are highly appreciated by the industry as such”, Dasmohapatra said.
India’s plastics export has been growing at a CAGR of 6.1% in the last five years and PLEXCONCIL plans to double exports to reach USD 25 billion by 2025.
India currently exports to over 200 countries globally including China, the US, UAE, Bangladesh, Nepal, UK, Turkey, Germany, Italy and the Netherlands.
