Mumbai: India is seeking major opportunities in export markets due to emerging possibilities in US-China Trade war and BREXIT.
On the sidelines of CAPINDIA 2019, Mr Ajay Kadakia, Chairman of Basic Chemicals, Cosmetics and Dyes Export Promotion Council (CHEMEXCIL) highlighted two key areas where Indian exporters could focus in 2019-2020.
USA, EU and UK markets are ripe for the disruption this year -as China has been the single largest supplier to the USA and post-import duty tariff regime, Indian companies should look at US business with alacrity. With nearly USD 15 billion Chinese exports in chemicals and plastics subject to US tariffs, India is set to gain market share in the US Market. Chinese buyers are also seeking product sourcing from India due to their own environment-related problems and our chemicals and plastics export have seen consistent growth from India
BREXIT offers a huge opportunity – BREXIT offer a huge opportunity for Chemicals and Plastics as well. UK’s chemical and drugs exports are about USD 60 billion and 60% of the same is consumed by EU. 75% of UK’s chemical imports come from EU and Indian exporters would do well in both these markets too.
Mr Ravish Kamath, Chairman of The Plastics Export Promotion Council, echoed the same view. He mentioned that India’s plastics exports, which are likely to cross USD 11 billion this year – the highest ever – would greatly benefit from the US-China Trade war and BREXIT. For instance, post-BREXIT, UK’s plastics imports which are valued at USD 18 billion per annum and 70% of which is coming from the EU, would be open to more countries, like India in the future.
Keeping in view the emerging global export opportunities, 4 of the leading Indian councils have a jointly created a mega market place “CAPINDIA” and the 4th edition of this mega event which will be held in Mumbai on 26-28 March 2019.
4th CAPINDIA 2019, under the aegis of the Department of Commerce, Government of India, supported by Department of Chemicals and Petrochemicals, Government of India and organized jointly by CHEMEXCIL, PLEXCONCIL, CAPEXIL & SHEFEXIL is slated to be one of the largest sourcing and networking events for the Chemicals, Plastics, Construction & Mining Industries and Allied Products. Over 300 Global buyers will be attending CAPINDIA and meeting 500 Indian suppliers for product sourcing. Buyer Seller Meets, Product Seminars and Conferences will be a part of the three-day event, this market place will give a mega impetus to Indian exports.