India Set To Meet $2-Trillion Export Target

Anupriya Patel inaugurating Plexconnect

India Set To Meet $2-Trillion Export Target

Union Minister Anupriya Patel Inaugurates Plexconnect 2023

India’s 1st ever Export-Focused Plastics Expo takes off, 400 International buyers from 51 countries join

MUMBAI, June 17 (The CONNECT) - Describing the plastics industry as one of the fastest growing sectors, Union Minister of State for Commerce Anupriya Patel has said India has emerged as a major hub for the world to source their requirements.

Inaugurating Plexconnect, India’s first even export-focused plastics exposition organised by Plastics Exports Promotion Council (Plexconcil) in Mumbai on Friday, Patel expressed the confidence that the country would achieve the target of 2 billion-dollar exports as the nation turns into a 5 trillion-dollar economy.

She noted that India has today become the supplier of good quality raw material and the finished products while the new foreign trade policy allows exporters to expand their global footprint.

 

Santosh Sarangi, Additional Secretary & Director General of Foreign Trade, who was guest of honour, said India focuses on the concept of recycling and reusing to drive sustainable development and also become a major circular economy. The FTA negotiations, which are in progress with several countries, should help boost exports, he said.

The expo witnessed 4,000 footfalls on day 1 itself with traders and exporters showing an excellent response. The State Pavilions included those from Tamil Nadu, Telangana and Madhya Pradesh.

Over 400 global buyers from 51 countries have been invited under the Department of Commerce MAI scheme to network and conduct business at a dedicated Reverse Buyer Seller Meet that will be held during the 3-day event. The buyers have been shortlisted from nearly 800 registrations received, and this vast interest is testimony to the world’s increasing attention on India as an alternate sourcing hub. From India, leading plastics processors are participating at PLEXCONNECT 2023, and the event is expected to receive 10,000 footfalls over the three days, Plexconcil said.

With the government’s push for free trade agreements with several countries and the new Foreign Trade Policy, the MSMEs will witness a new era of exports, said Hemant Minocha, Chairman of Plexconcil. Nearly 90% of the Plastics companies fall under MSMEs and they are bound to take advantage of the new business opportunities, he said.

“I am sure the global plastics industry will prove that they are looking beyond China Plus One opportunity and play a big role in making India a major MSME hub,” he said.

Trade delegations from several countries, such as Uzbekistan, South Korea, Israel, Kyrgyzstan, Indonesia, and Brazil, are here to explore business opportunities by interacting with Indian exporters. Plexconcil has geared up its machinery to facilitate close coordination between buyers and sellers at Plexconnect, Sribash Dasmohapatra, Executive Director, Plexconcil, said.

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 of increased role for the Indian plastics industry in international trade. “We are keenly looking forward to many more such agreements in the near future,” he said.

The Council has been in contact with over 100 foreign missions, coordinating with the Ministry of External Affairs (MEA), to create buyer interest from their respective countries.

Plexconnect 2023 is also hosting participation of State Pavilions from Tamil Nadu, Telangana, Madhya Pradesh and Himachal Pradesh.

India’s plastics export has grown at a CAGR of 6.1% in the last five years and PLEXCONCIL plans to double exports to reach USD 25 billion by 2027. India currently exports plastics goods to over 200 countries globally, including the United States, China, United Arab Emirates, the United Kingdom, Germany, Nepal, Italy, Bangladesh, the Netherlands, and Saudi Arabia.

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