18 June 2023, Mumbai: India’s plastics industry, recognized as one of the fastest-growing sectors, is poised to make a significant contribution to the nation’s export target of $2 trillion, according to Hon’ble Smt. Anupriya Patel India’s role as a reliable supplier of high-quality raw materials and finished plastic products, citing the new foreign trade policy’s provisions that facilitate global expansion for exporters.
The event, spanning three days, has garnered immense attention, with 4,000 attendees on the first day alone. It features state pavilions from Tamil Nadu, Telangana, and Madhya Pradesh, along with the participation of over 400 international buyers from 51 countries. These buyers, invited under the Department of Commerce MAI scheme, will engage in networking and business activities at a dedicated Reverse Buyer Seller Meet, further solidifying India’s position as an alternative sourcing hub. Plexconnect 2023 expects to welcome a total of 10,000 visitors over the course of the event. The government’s focus on free trade agreements and the recently introduced Foreign Trade Policy brings renewed hope for micro, small, and medium enterprises (MSMEs) involved in exports. Plexconcil Chairman, Hemant Minocha, expressed optimism about the opportunities presented to the MSME sector through these initiatives. With nearly 90% of plastics companies falling under the MSME category, they are well-positioned to capitalize on the burgeoning business prospects.
Prominent trade delegations from various countries, including Uzbekistan, South Korea, Israel, Kyrgyzstan, Indonesia, and Brazil, are in attendance, actively seeking business collaborations with Indian exporters. Plexconcil has facilitated seamless coordination between buyers and sellers at Plexconnect, ensuring a conducive environment for exploring new partnerships. The recent signing of the Economic Cooperation and Trade Agreement (ECTA) with Australia and the Comprehensive Economic Cooperation Agreement (CEPA) with the UAE holds great promise for India’s plastics industry in international trade. Plexconcil aims to leverage such agreements to enhance the industry’s global role, with an optimistic outlook for future collaborations.
Presently, India exports plastic goods to over 200 countries worldwide, including prominent destinations like the United States, China, the United Arab Emirates, the United Kingdom, Germany, Nepal, Italy, Bangladesh, the Netherlands, and Saudi Arabia. Plexconcil, established in 1955 by the Ministry of Commerce & Industry, serves as a vital link between the plastics industry and the government. It represents more than 2,800 exporters engaged in manufacturing and exporting a wide range of plastic products. With headquarters in Mumbai and regional offices in New Delhi, Kolkata, Chennai, and Ahmedabad, Plexconcil plays a pivotal role in projecting India’s image as a reliable supplier of high-quality plastic products, bolstering the country’s exports.
By Yashika Desai.