Madan Singh Bhandari, Deputy Ambassador of India to Spain, has said that Indian apparel manufacturers can significantly increase their exports to Spain considering the recent transformations that the sector has undergone in India.
He added that there is a renewed interest amongst businessmen there to visit India.
He was addressing an event ‘India-Spain Synergies in Apparel and Textiles’ organised by Apparel Export Promotion Council (AEPC) and Embassy of India, Madrid, Spain.
It is pertinent to mention here that India is currently the seventh largest readymade garment supplier to Spain with an export of US $ 817.6 million in 2019, or 4.2 per cent of Spain’s market.
In MMF garments, while Spain’s global import stood at US $ 7,629.4 million, import from India was US $ 217.6 million, a market share of mere 2.9 per cent.
“Despite good presence of Indian products in Spain, India’s share in apparel imports by Spain is very less. There is a huge potential for this to grow as India has taken several structural reforms in recent past and there is a growing positivity in the Indian economy,” He said and added that India has come up in a big way in medical textiles segment and the Government has come out with schemes to support technical textiles and manmade fibre (MMF) based garments.
