Describing the plastics industry as one of the fastest-growing sectors, Union minister of state for commerce Anupriya Patel on 16 June said India has emerged as a major hub for the world to source their requirements.
Inaugurating Plexconnect, a three-day export-focused plastics exposition organized by Plastics Exports Promotion Council (Plexconcil) in Mumbai, Patel expressed confidence that the country would achieve a target of US $2 billion in exports as the nation turns into a US$ 5-trillion economy.
Patel said India has become a supplier of good quality raw materials and finished products and that the new foreign trade policy allows exporters to expand their global footprint.
Santosh Sarangi, additional secretary and director general of foreign trade, who was the guest of honor, 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.
Ribbon cutting by chief guest Anupriya Patel, Union minister of state of commerce and Industry.The expo witnessed a footfall of 4,000 on day 1 with traders and exporters showing a positive response. The state pavilions included Tamil Nadu, Telangana and Madhya Pradesh. The event is being held from 15 to 17 June.
More than 400 global buyers from 51 countries have been invited under the department of commerce’s MAI (market access initiative) scheme to network and conduct business at a dedicated reverse buyer-seller meet at the three-day event. The buyers have been shortlisted from nearly 800 registrations. From India, leading processors of plastics are participating at Plexconnect 2023, and a footfall of 10,000 is expected 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 (micro, small and medium enterprises) will witness a new era of exports, said Hemant Minocha, chairman of Plexconcil. Nearly 90% of the plastics companies are 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 the China-plus-one opportunity and play a big role in making India a major MSME hub,” he said.
From right to left Vikram Bhadauria vice-chairman Plexconcil, Santosh Sarangi, additional secretary and director general of foreign trade, Anupriya Patel, Union minister of state of commerce and Industry, Hemant Minocha, chairman of Plexconci and Sribash Dasmohapatra, executive director, PlexconcilTrade delegations from several countries such as Uzbekistan, South Korea, Israel, Kyrgyzstan, Indonesia, and Brazil, are present to explore business opportunities by interacting with Indian exporters. Plexconcil has geared up its machinery to facilitate close coordination between buyers and sellers, 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, he said. “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 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 exports has grown at a CAGR of 6.1% in the last five years and Plexconcil plans to double exports to reach US$ 25 billion by 2027. India currently exports plastic 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.
The Plastics Export Promotion Council (Plexconcil) –a bridge between the Industry and the Government – was established by the ministry of commerce and industry, department of commerce, government of India on 15 July 1955, as a non-profit organization. It was one of several Export Promotion Councils (EPCs) launched by the Government to project India’s image abroad as a reliable supplier of high-quality products to boost the country’s exports.
Plexconcil represents more than 2,800 exporters who manufacture and export plastic products ranging from raw materials to semi-finished and finished items. The Council has its headquarters in Mumbai and regional offices in New Delhi, Kolkata, Chennai and Ahmedabad.
