The Apparel Export Promotion Council (AEPC) is preparing a growth strategy to nearly double exports of garments to $40 billion by 2030.
The strategy includes targeting new markets like Saudi Arabia, Poland, Mexico, Brazil, South Africa and Russia besides increasing market share in traditional markets like the EU, the US and UK.
“India’s apparel exports have the unique distinction of having minimal import dependence,” AEPC Chairman Sudhir Sekhri said in a press release.
“With advantage of being amongst the largest producers of natural and manmade fibres and a young workforce, India has ingredients to build an unparalleled ecosystem from fibre to fashion,” he added.
“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,” Sekhri stated.
To increase presence in foreign markets, AEPC has 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 informed.
With the first edition of Bharat Tex in Feb 2024 being successful, it has been decided to extend outreach to buyers across the world, through a second edition of Bharat Tex early next year.
To reach out to foreign brands, AEPC organised a roundtable last week with the representatives of major NCR-based buying agencies and 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 press release informed.
Sekhri pointed out that advantages from free trade agreements (FTAs) are visible as apparel exports posted 16.8 percent growth in Mauritius and 5.7 percent in Australia during April-February 2023-24.
“The signing of FTA in the near future with the UK, which accounts for roughly 8 percent of Indian apparel exports, will provide a much-needed fillip to the garment industry,” he observed.
