: AEPC Chairman encourages apparel exporters to eye Colombian market; says focus on high value products #FinanceIndia #StockMarketNEWS AEPC Chairman encourages apparel exporters to eye Colombian market;

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AEPC Chairman encourages apparel exporters to eye Colombian market; says focus on high value products #FinanceIndia #StockMarketNEWS
AEPC Chairman encourages apparel exporters to eye Colombian market; says focus on high value products New Delhi, Jan 29 (KNN) Addressing a B2B meeting, the Chairman of Apparel Export Promotion Council (AEPC) Narendra Goenka urged the Indian apparel exporters to set a target to increase its share in Colombia’s global apparel imports by focusing on high value apparel products.

He was speaking at the ‘India-Colombia Synergies in Apparel & Textiles’ a virtual B2B meeting between Colombian buyers and Indian apparel exporters jointly organised by AEPC and Embassy of India, Colombia, on Thursday, said the official release.

Goenka pointed out India’s 3.2 per cent share in Colombia’s global apparel import, and how the market is expected to escalate in double digits.

“We are focusing on higher value and specialised products like manmade fibre (MMF) apparels, medical and technical textiles,” he stated.

Regardless of the fall in imports of readymade garments (RMG) in Colombia, Indian RMG exports has kept its position steady in the Colombian market.

Highlighting India’s share in Colombia’s total apparel imports remaining the same at 3.2 per cent despite of the fall in the market, Goenka opined that the Indian apparel sector offers a large opportunity for investment.

“Colombian investors can also set up manufacturing facilities in India directly or through joint ventures, and partner with us in building R&D, innovation and incubation centres in India,” he said.

Extending his appreciation to AEPC, Indian ambassador to Colombia Sanjiv Ranjan said the majority of the apparels exported from India constitute Colombia’s top 10 items of import in that segment.

“Over a period of time the popularity of Indian garments and textiles in Colombia has been increasing especially among women and this is an added advantage,” he added.

He also noted that concerted efforts would be required to reach the pre-pandemic level of exports of about million.

The export promotion council at AEPC will follow up on the suggestion given by the Ambassador, affirmed Gautam Nair, Chairman (Export Promotion), AEPC.

He described it as a near sourcing strategy of some type of warehousing which could be located in Colombia and service Latin America and be a hub.