Image Courtesy: AEPC
China’s decline in Japanese market is a big opportunity for India and Indian apparel exporters are geared up to tap this opportunity. Around 84 Japanese buyers representing the Japanese companies Koizumi Apparel Co. Ltd., Marubeni Intex, X Plus co. Ltd., Ais Co. Ltd., Indepp Co. Ltd., Aube Co. Ltd., Sumitomo Corporation Kyushu co. Ltd., Oyoshima & Co. Ltd., Yagi, Muji, Amina Collection co. Ltd., United Arrows Ltd., and Konaka, etc., are in India for the first edition of Upnext India 2023, to explore the sourcing opportunities in India.
Indian apparel manufacturers are displaying various categories of garments including summer and winter collection at the event.
Japan is the fourth largest readymade garment importer in the world. There is a huge untapped trade potential in the RMG sector and there is also duty-free access to the Japanese market.
Japan imported readymade garments worth US $ 23 billion in 2022 (till November), and India which exported readymade garments worth US $ 0.22 billion to Japan with a share of 0.9 per cent states that there is huge scope for the Indian apparel manufacturers in Japan.
Naren Goenka, Chairman AEPC along with other EC members of the Council, inaugurated this initiative in the form of a series of Reverse Buyer Seller meet.
Upnext India is organised by AEPC and supported by the Ministry of Commerce and Industry under the Market Access Initiative (MAI) Scheme.
Naren Goenka, Chairman AEPC 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 five years giving 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 RMG post Indo-Japan CEPA agreement as against an approximate 9 per cent for China and Turkey.”
