Indian exporters set to capitalize on US-China Trade War and BREXIT opportunities, says chairman of CHEMEXCIL
Keeping in view the emerging global export opportunities in the field of chemicals, plastics, construction & mining industries and allied products, four of the leading Indian councils have jointly created a mega market place "CAPINDIA" and the 4th edition of this mega event which will be held in Mumbai on March 26-28, 2019.
The fourth CAPINDIA 2019, under the aegis of the Department of Commerce, Government of India, supported by Department of Chemicals and Petrochemicals, Government of India and organized jointly by CHEMEXCIL, PLEXCONCIL, CAPEXIL & SHEFEXIL is slated to be one of the largest sourcing and networking events.
On the sidelines of CAPINDIA 2019, Ajay Kadakia, Chairman of Basic Chemicals, Cosmetics and Dyes Export Promotion Council (CHEMEXCIL) highlighted two key areas where Indian exporters could focus in 2019-2020.
According to Kadakia, USA, EU and UK markets are ripe for the disruption this year as China has been the single largest supplier to the USA and post-import duty tariff regime, Indian companies should look at US business with alacrity.
He said that with nearly USD 15 billion Chinese exports in chemicals and plastics subject to US tariffs, India is set to gain market share in the US market.
Chinese buyers are also seeking product sourcing from India due to their own environment-related problems and our chemicals and plastics export have seen consistent growth from India, said Kadakia.
Kadakia also pointed out that BREXIT offers a huge opportunity for Chemicals and Plastics as well.
UK’s chemical and drugs exports are about USD 60 billion and 60 per cent of the same is consumed by EU. 75 per cent of UK's chemical imports come from EU and Indian exporters would do well in both these markets too, he said.
Ravish Kamath, Chairman of The Plastics Export Promotion Council, echoed the same view.
He mentioned that India’s plastics export, which is likely to cross USD 11 billion this year – the highest ever – would greatly benefit from the US-China Trade war and BREXIT.
For instance, post-BREXIT, UK’s plastics imports which are valued at USD 18 billion per annum and 70 per cent of which is coming from the EU, would be open to more countries, like India in the future.
According to the organisers, over 300 global buyers will be attending CAPINDIA and meeting 500 Indian suppliers for product sourcing.
Image Credit: CAPINDIA website
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