The Business Bytes
TBB BUREAU
MUMBAI, DEC 22, 2022
As India emerges as the global sourcing hub, the Government-promoted Plastics Export Promotion Council (PLEXCONCIL) will organise the country’s first ever export-focused trade fair for plastic industry from 15-17 June 2023 in Mumbai.
“India currently exports plastics to over 200 countries and due to the changing business paradigm, we see a major opportunity for boosting the opportunities in developed economies as well as emerging markets for the industry,” said Hemant Minocha, Chairman of PLEXCONCIL. With disruption in supply chains, global economic cooperation continues to reduce dependency on traditional sourcing destinations. India, thus, has emerged as a leading sourcing hub for numerous products, including plastics products, Minocha pointed out.
In this context, the exhibition PLEXCONNECT to be held at Bombay Exhibition Centre (NESCO), Goregaon, from June 15 to 17 assumes significance.
Global export market of all plastics products is valued at USD 1.2 trillion in which India’s share is about 1.1%. “This is where, the Indian plastic industry has a lot of ground to cover even as we attract the global majors to source from and invest in India, as envisaged by the Prime Minister,” said Ravish Kamath, Chairman-Plexconnect 2023.
For over six decades Plexconcil, with the active support from Ministry of Commerce and Industry, has been driving and accelerating the exports growth of the Indian Plastics industry, he said.
Now, the Council intends to bring a larger number of the industry players, MSMEs in particular, into the exporter fraternity and help them grow with the economy, Kamath said.
The Government has been focusing on renegotiating and fast-tracking Free Trade Agreements (FTAs) with numerous countries including the UK, Canada, EU and so on. India has recently concluded its trade agreement with UAE under CEPA & Australia under ECTA. Plus, there several Government schemes and subsidies from the MSME Ministry, Ministry of Commerce, etc to facilitate and promote exports. “PLEXCONCIL is keen that the MSMEs take full advantage of these,” Sribash Dasmohapatra, Executive Director of Plexconcil said.
He explained that PLEXCONNECT 2023 will be a unique platform designed to bring the global plastics fraternity and allied industries under one roof and showcase the prowess of the Indian Plastics Processing Industry.
The expo will attract top machinery manufacturers from India as well as countries such as Germany and Italy, as well as showcase live machine demos, recycling technologies, technical seminars and more which will provide an excellent opportunity for the indigenous industry, he said. A Reverse Buyer Seller Meet will also be held where 600 unique select buyers from 115 countries to source their requirements from India.
India’s plastics export has been growing at a CAGR of 12% 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, the UAE, Bangladesh, Nepal, the UK, Turkey, Germany, Italy and the Netherlands.
