India will meet its $2 trillion export target, says Union Minister Anupriya Patel

Smt Patel opened Plexconnect, India’s first ever export-oriented plastics fair organized by the Plastics Exports Promotion Council (Plexconcil) in Mumbai, expressing confidence in the country’s target of $2 billion worth of exports as the country evolved into a $5 trillion export country. dollar economy.

She pointed out that today India has become the supplier of high-quality raw materials and finished products, while the new foreign trade policy allows exporters to expand their global presence.

Shri Santosh Sarangi (IAS), Additional Secretary and Director-General for Foreign Trade, who was the guest of honor, said India is focusing on the concept of recycling and reuse to drive sustainable development and also to become an important circular economy. FTA negotiations under way with several countries should help boost exports, he said.

The trade fair attracted 4,000 visitors on the first day, with dealers 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 as part of the US Department of Commerce’s MAI program to network and transact at a special Reverse Buyer Seller Meet that will take place during the three-day event. The buyers were shortlisted from nearly 800 registrations received and this high level of interest is a testament to the increasing world attention to India as an alternative sourcing hub. Leading plastics processors from India are attending PLEXCONNECT 2023 and the event is expected to draw 10,000 visitors over the three days, Plexconcil said.

With the government’s push for free trade agreements with several countries and the new foreign trade policy, MSMEs will experience a new era of export, said Hemant Minocha, chairman of Plexconcil. Almost 90% of plastics companies fall under MSMEs and they will inevitably seize the new business opportunities, he said.

“I am sure that the global plastics industry will prove that it looks beyond the opportunities of China Plus One and plays a big role in making India a major MSME hub,” he said.

Trade delegations from several countries including Uzbekistan, South Korea, Israel, Kyrgyzstan, Indonesia and Brazil are here to exchange business opportunities with Indian exporters. “Plexconcil has prepared its machines to enable close coordination between buyers and sellers at Plexconnect,” said Sribash Dasmohapatra, general manager of Plexconcil.

The recent signing of the Economic Cooperation and Trade Agreement (ECTA) with Australia and the Comprehensive Economic Cooperation Agreement (CEPA) with the United Arab Emirates may herald an increasing role for India’s plastics industry in international trade. “We very much look forward to many more such agreements in the near future,” he said.

The Council has been in contact with over 100 foreign missions and coordinated with the Ministry of Foreign Affairs (MEA) to generate buyer interest from their respective countries.

State pavilions from Tamil Nadu, Telangana, Madhya Pradesh and Himachal Pradesh are also participating in Plexconnect 2023.

India’s plastic export has grown at a CAGR of 6.1% over the past five years and PLEXCONCIL plans to double exports to $25 billion by 2027. India currently exports plastic products to over 200 countries worldwide including the United States, China and the United Arab Emirates, the United Kingdom, Germany, Nepal, Italy, Bangladesh, the Netherlands and Saudi Arabia.

About Plexconcil The Plastics Export Promotion Council (PLEXCONCIL) – a bridge between industry and government – was established on July 15, 1955 by the Indian Department of Trade and Industry, Ministry of Commerce as a non-profit organization. It was one of several Export Promotion Councils (EPCs) set up by the government to boost India’s image abroad as a reliable supplier of quality products, thereby boosting the country’s exports.

PLEXCONCIL is the top body of the plastics industry in India. It represents over 2,800 exporters who manufacture/export plastic products, from raw materials to semi-finished and finished products. The Council has its headquarters in Mumbai and regional offices in New Delhi, Kolkata, Chennai and Ahmedabad. Products from the Indian plastics industry are exported to over 200 countries around the world.

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