According to the chairman of AEPC, Japan presents a promising business opportunity, especially considering the decline in China's garment exports to the country over the past five years. This situation opens up a significant chance for the Indian apparel industry to enhance its shipments to Japan, as mentioned by AEPC on Wednesday.
AEPC highlighted that the strong Indian garment industry, known for its unique offerings, presents a vast opportunity for Japanese trading companies to source their products from India. This opportunity was further showcased during the 12th edition of the India Tex Trends Fair in Tokyo, where members of the council participated.
During the fair's inauguration, Naren Goenka, the Chairman of AEPC, revealed that more than 180 Indian exhibitors took part in the event. He also mentioned that apparel imports into Japan have experienced a positive trend in the last three years. Japan's total imports from the world, which amounted to $28.49 billion in 2018, have significantly risen to $46.72 billion. Consequently, Japan now stands as the fourth largest garment importer globally, trailing only behind the US, Germany, and France.
India's share in Japan's total garment import, which amounts to $23 billion, is currently only one percent.
The AEPC chairman, Naren Goenka, emphasized the strong business opportunity India possesses in Japan. He pointed out that China, which has been the primary garment supplier to Japan, experienced a decline in its exports to the country over the past five years. This situation provides a significant advantage to India. Additionally, after the Indo-Japan free trade agreement, Indian ready-made garments receive duty-free access to the Japanese market. In contrast, China and Turkey face approximately 9 percent in duties, giving India a considerable edge.
Expressing a parallel perspective, Sudhir Sekhri, the vice-chairman of the council, highlighted India's significant advantages. With the world's largest raw material availability of cotton, jute, silk, and wool, complemented by the second largest spinning and weaving capacity globally and an impressive 95 percent value addition, India presents a comprehensive value chain solution from farm to fashion for the entire world.
In support of the textile industry's growth and development, the government has implemented various initiatives, including the production linked incentive scheme and the PM MITRA scheme.
To foster better understanding and collaboration, seminars and business delegation meetings were organized during the fair's proceedings. These events aimed to strengthen partnerships and synergies on the sidelines of the fair.
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