The decline in exports of apparel items from China to Japan provides a huge opportunity for Indian companies to push their shipments in Tokyo, AEPC said on Friday.
To tap this opportunity, Apparel Export Promotion Council (AEPC) has organized a two-day buyer-seller meet for international players at its Apparel House in Gurugram.
Media reported, over 80 prominent Japanese buyers including trading companies and retail chains/stores are in India to source their requirements from the 112-odd Indian exhibitors displaying their goods at the Upnext India 2023, it added.
AEPC Chairman Naren Goenka said: “We hold a strong business opportunity in Japan, reflected by the fact that China, which has been a dominant garment supplier to Japan, has witnessed a decline in the past 5 years giving a significant advantage to India”.
Garment fraternity in both the countries have geared up to increase this trade taking advantage of duty-free access for Indian ready-made garments post Indo-Japan free trade pact, he said.
The Indian garment industry is blessed with the largest raw material availability of cotton, jute, silk, and wool in the world and is supported by the world’s second-largest spinning and weaving capacity.
“This gives the industry an opportunity for a 95% domestic value addition enabling India to offer to the world a complete value chain solution from farm to fashion and hence extending as a competitive edge by shortened lead times to reach our buyers,” it said.
Goenka, said that Japan is the fourth largest readymade garment importer in the world, and there is a huge untapped trade potential in the readymade garments (RMG) sector.
The government is coming up with a production-linked incentive scheme that will majorly include RMGs, he said.
Ashok G Rajani, Chairman, of Fairs and Exhibition, AEPC said that this Japan-focused meet provides them a platform to engage with Japanese brands and buyers.
The show will also witness a series of panel discussions where experts, industry leaders, and academia will deliberate on the trade outlook, compliance, and emerging technologies for building the capacity for the industry to be future-ready.
Japan imported readymade garments worth USD 23 billion in 2022 (till November), and India exported readymade garments worth USD 0.22 billion to Japan, with a share of 0.9%.