Indian garment fair to focus on exploring new export markets
Thursday, 16 January 2003, 20:30 IST
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NEW DELHI: A three-day Indian garment fair here will focus on exploring newer markets to offset the impact of a fall in demand from prime destinations such as the U.S. and the European Union. The 30th India International Garment Fair (IIGF 2003), which will open Friday at the sprawling Pragati Maidan fair grounds, is being organised by the Apparel Export Promotion Council (AEPC) with support from the government. A host of Indian garment exporters will showcase their products during the high-profile event to buyers who will converge from different parts of the world. "The fair is an effort to increase India's share of business in the global garment export market by addressing the impediments," said Pritam Goel, chairman of AEPC's exhibition advisory committee. "The focus of the fair will be to explore potential export markets such as Australia, New Zealand, Norway and Latin American and African countries with a view to reducing excessive exposure to just one or two nations," Goel told IANS. He said the fair would also highlight the unfair trade practices adopted by some developed countries to block export of garments from India. About 150 leading manufacturers and exporters from the Indian apparel industry will display a wide range of innovative merchandise and value-added products in all categories in the fair, said the organiser. "The fair offers a huge business opportunity to both buyers and exporters, providing them with the luxury of direct interaction," said Goel. He said the event would showcase a "comprehensive collection of high fashion garments". IIGF 2003 is expected to attract more than 800 buyers and buying agents of leading import houses from the U.S., Europe and other countries. "While the U.S. and Europe continue to remain the two largest market for Indian garment exporters with both accounting for 30 percent each of total exports, we will also see participation from a host of other countries. "This will give the Indian businessmen an opportunity to diversify their export markets in view of the sluggish demand in the major markets," said Goel. According to the official, India has a distinct advantage in terms of availability of cotton fabrics, cheap labour and latest technology. "An open economy combined with these advantages gives the Indian garment export industry a competitive edge, encouraging the overseas buyers to source their requirements from here." Indian garment exports earns 12.5 percent of the total foreign exchange for the country and contributes to three percent of the gross domestic product. The total garment exports touched $5.1 billion in the fiscal year 2001-02, down from $5.7 billion logged in 2000-01, as a severe global economic slowdown forced overseas buyers to cut orders. In the fiscal year ending March 31, the revenue generated from garment exports is projected to touch $5.5 billion. India plans to hit an export figure of $25 billion by 2010. Goel said last year's garment fair generated business to the tune of $18.31 million and represented buyers from many countries including the U.S., Britain, Canada, France, Spain, Germany, Italy, Japan, Australia, Israel and Hong Kong. "This year we aim to surpass the previous figure of $18.31 million."
Source: IANS
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