New Delhi: Apparel exports to Japan are expected to grow by 20-25 per cent year on year from the current $220 million on account of rising opportunities for domestic exports, AEPC said Saturday.
Apparel Export Promotion Council (AEPC) said that rising opportunities due to changing geopolitical landscape, government supports like production linked incentive, mega park scheme, improving the quality standard, getting sustainability and utilising benefits of free trade agreements with major markets are the key growth drivers.
To promote exports to Japan, the council is organising a two-day show in Gurugram.
“Apparel exports to Japan are expected to grow by 20-25 per cent year on year,” APEC Chairman Naren Goenka said.
He added that a strong business opportunity in Japan is reflected by the fact that China, which has been a dominant garment supplier to Japan, has witnessed a decline in the past five years giving a significant advantage to India.
“Garment industry in both countries have geared up to increase this trade taking advantage of duty-free access for Indian RMG (ready-made garments) post Indo-Japan trade pact,” he said.
Over 84 prominent Japanese buyers, including trading companies and retail chains/stores, are in India to source their requirements from the 112-odd Indian exhibitors displaying the diverse range of RMG reflecting Japanese taste.
Some of the major Japanese brands which are participating include Marubeni Index, X Plus, AIS, and United Arrows.
The two days of upnext India 2023 also hosted the theme pavilions for the startups in the technology and sustainability domain.
Japan imported readymade garments worth $23 billion in 2022 (till November), and India’s exports stood at only $220 million.
PTI