India scopes out new markets for RMG exports
India is aiming to cut its garment industry's overwhelming dependence on American and European markets, hit by financial downturn.
It is now looking to Southeast and East Asia and Latin America, Africa and Oceania to expand its market.
As part of the market diversification effort, Indian Textile Minister Dayanidhi Maran will be leading India's first-ever joint textile trade delegation to Japan from July 20.
The Indian garment industry faces stiff competition from Bangladesh, Vietnam and China in the US and European Union markets.
Maran will attend Japan International Fashion Fair in Tokyo on July 22-30. Indian textiles and clothing exporters will be participating in the event.
The Apparent Export Promotion Council, along with Sripur Textile Export Promotion Council and Textile Promotion Council are participating in the fair.
To diversify the textiles and clothing exports and reduce dependence on the US and EU, India is promoting exports to Southeast Asia under its 'Look East Policy'.
Japan is one of the biggest consumers of textiles and clothing but India has a negligible market share of 1.12 percent in the Japanese import basket.
As India seeks large foreign direct investment in the textile sector where 100 percent FDI is allowed, Maran will address a business meeting hosted by Japan-India Business Cooperation Committee (JIBC) and will use this platform to invite investment in the Indian textiles sector.
The Indian government is conscious of the fact that textiles industry needs modernisation and there is huge scope for Japanese investment to upgrade spinning, weaving, processing and garmenting facilities.
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