2024-05-07 15:45:38
The Apparel Export Promotion Council (AEPC) is preparing a growth strategy to nearly double exports of readymade garments to $40 billion by 2030. It is targeting new markets such as Saudi Arabia, Poland, Mexico, Brazil, South Africa and Russia besides the traditional large countries such as EU, the US and UK, per a statement.
“India’s apparel exports have the unique distinction of having minimal import dependence. With the advantage of being amongst the largest producers of all kinds of fibre- natural and manmade- and having an abundant young workforce, India has all the ingredients to build an unparalleled ecosystem from fiber to fashion. This potential can be harnessed to uplift the underprivileged section of our society and also give a huge boost to women empowerment through employment and skilling,” according to AEPC Chairman Sudhir Sekhri.
About 70 per cent of the workforce employed in the industry are women, he said.
New destinations
Sekhri said that to increase presence in foreign markets, AEPC had plans of participating in 17 international fairs across all continents. “The new destinations that we are targeting this year are Saudi Arabia, Poland, Mexico, Brazil, South Africa and Russia besides the traditional large countries like EU, the US and UK,” he said.
With the first edition of Bharat Tex in Feb 2024, a collaboration between the government and the entire textile Industry, being successful, it has been decided to further extend outreach to buyers across the world, through the second edition of Bharat Tex sometime early next year, the statement added.
To reach out to foreign brands, AEPC organised a roundtable last week with the representatives of major NCR-based buying agencies, liaison offices of overseas retailers.
“In that meeting, it was emphasised that to achieve the target of $40 billion by 2030, there is a need for more and more engagement with the brands and buying houses,” the statement said.
The advantages from free trade agreements (FTAs) are now visible as ready-made garment exports registered 16.8 per cent growth in Mauritius and 5.7 per cent in Australia during April-February 2023-24, Sekhri pointed out.
“The signing of FTA in the near future with the UK, which accounts for roughly 8 per cent of Indian apparel exports, will provide a much-needed fillip to the garment industry,” he said.
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