AEPC Drafting New Growth Strategy To Double Apparel Exports
The Apparel Export Promotion Council (AEPC) is drafting a new growth strategy to double exports of apparels to US $40 billion by 2030.
The new strategy will include targeting new markets like Brazil, Mexico, Poland, Russia, Saudi Arabia and South Africa while also hiking share in traditional markets of the UK, US and EU.
According to AEPC Chairman Sudhir Sekhri, India’s garment exports have the unique distinction of having minimal import dependence.
“India has advantage of being the largest producer of natural as well as manmade fibres and also has advantage of a young workforce,” Sekhri said in a press release.
“India has all the ingredients to build an unparalleled ecosystem from fibre to fashion,” he stated.
Sekhri further added that this potential can be harnessed to uplift the underprivileged sections, while giving a huge boost to women empowerment through employment and skilling.
To increase presence of Indian garments in overseas markets, AEPC has planned to participate in 17 international exhibitions across several countries.
With the first edition of Bharat Tex in Feb 2024 being successful, it has been decided to extend outreach to buyers across the world, with a second edition of Bharat Tex early in 2025.
AEPC organised a roundtable last week with the representatives of major NCR-based buying agencies and liaison offices of overseas retailers to reach out to foreign brands.
“In that meeting, it was emphasised that to achieve the target of $40 billion by 2030, there is a need for more engagement with brands and buying houses,” the press release mentioned.
“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,” Sekhri observed.
“The signing of FTA in the near future with the UK, which accounts for around 8 percent of Indian garment exports, will provide a much-needed fillip to the apparel industry,” he remarked.
