The Taiwan Textile Fair opened in New Delhi yesterday to showcase technical textiles to Indian apparel manufacturers. On 21,22 November it will be held in Bengaluru, after which it moves to Sri Lanka. This year's edition is expected to generate business worth USD 4 to 5 million in all three venues combined.
The fair will also introduce Indian manufacturers to new product categories to develop for the growing demand in the domestic as well as export market .
The Taiwanese industry in view of the low demand for technical or functional garments in India wants the government to provide incentives like lower import duties.
Executive Director at the Taipei Economic and Cultural Center in India Guann-Jyh Lee said that they need the Indian government to give some incentive for importing materials from foreign countries to India. The Indian government should not only focus on protecting domestic industry but also look at developing the industry.
Lots of recommendations like lowering import tariff duties for some key products which is relevant to the Textiles Ministry have been proposed to the government.
The Indian apparel industry is set for strong growth, buoyed by strong domestic consumption as well as export demand. It has the potential to increase its textile and apparel share in the world trade from the current 4.5 per cent to 8 per cent and reach USD 80 billion by 2020.
The organized apparel segment is expected to grow at a compound annual growth rate of more than 13 percent over a 10-year period.
Taiwan is looking for stronger bilateral trade co-operation with India as it has a rich demographic dividend and with South Asia predicted to become the largest textile and apparel producer.
Over the year the bilateral trade between Taiwan and India has growth. The textile and apparel export value from Taiwan to India is USD 327 million.
The fair is organised by the Bureau of Foreign Trade and Taiwan Textile Federation and represented in South Asia by Worldex India Exhibition & Promotion Pvt Ltd.
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