: Focus Colombian fashion industry, Indian envoy to exporters #FinanceIndia #StockMarketNEWS Focus Colombian fashion industry, Indian envoy to exporters New Delhi, Feb 23 (KNN) Indian ambassador to

@StockMarketNEWS Thu 25 Feb, 2021

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Focus Colombian fashion industry, Indian envoy to exporters #FinanceIndia #StockMarketNEWS
Focus Colombian fashion industry, Indian envoy to exporters New Delhi, Feb 23 (KNN) Indian ambassador to Colombia Sanjiv Ranjan said that there is a huge potential for Indian apparel exporters in Colombia, particularly in its “resilient and innovative” fashion industry with domestic sales of about US 7 billion dollars.

Speaking at ‘India-Colombia Synergies in Apparel and Textiles’, a virtual B2B meeting organized by Apparel Export Promotion Council (AEPC) and Embassy of India, Bogota, Colombia, on Monday evening, Mr Ranjan said that the readymade garment exports from India were limited to around US 21 million dollars in 2019.

“India’s apparel exports to Colombia is just 3 per cent of its global imports. This does not really reflect the strength of what our sector stands for. We have a huge untapped potential in this sector which requires to be explored and utilized by our exporters,” he said.

Highlighting the growing popularity of Indian apparels in Colombia, Ranjan said that the apparel exporters should focus on Colombia’s fashion industry that accounts for 9. 4 per cent of the country’s industrial GDP and employs about 600,000 people. The annual household expenditure on fashion in Columbia is roughly 24. 3 trillion Columbian peso.

“It is one of the most vibrant sectors of the region. Columbia has a robust network of almost 14,000 companies in the fashion industry, mostly in the small and medium sized categories. Even during the peak of the pandemic in June 2020, clothing accounted for nearly 57 per cent of the total fashion spending followed by jewelry. While the government is trying at its level, the private sector should find out how to contribute to this resilient and innovative sector,” the ambassador said.

Ranjan congratulated AEPC for setting up a virtual exhibition platform to showcase Indian apparels to overseas buyers at a time when physical presence is restricted.

“I am sure that this virtual, 24x7 platform offers more experience at one place, with the flexibility for importers to zoom in and look at the various products on offer. This will go a long way in further energizing our bilateral engagement in the apparel sector,” he said.

AEPC Chairman Dr A Sakthivel informed the attending Colombian brands and buyers that AEPC through its virtual platform will work as a bridge between the Indian apparel exporters and Colombian apparel importers. About 320 apparel exporters have already put up their products for exhibition on the platform, he said.

“On our request, the government has come out with a Production Linked Incentive (PLI) scheme for manmade fibre (MMF) based garments.