Decline in exports of apparel items from China to Japan provides huge opportunity for Indian companies: AEPC
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Apparel Export Promotion Council (AEPC) has said that the decline in exports of apparel items from China to Japan provides a huge opportunity for Indian companies to push their shipments in Tokyo. It said the Indian garment industry is blessed with the largest raw material availability of cotton, jute, silk and wool in the world and is supported by the world's second largest spinning and weaving capacity. It noted that this gives the industry an opportunity for a 95 per cent domestic value addition enabling India to offer to the world a complete value chain solution from farm to fashion and hence extending as a competitive edge by shortened lead times to reach buyers.
AEPC Chairman Naren Goenka 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 5 years giving significant advantage to India.’ He said garment fraternity in both the countries have geared up to increase this trade taking advantage of duty-free access for Indian ready-made garments post Indo-Japan free trade pact.
Goenka said that Japan is the fourth largest readymade garment importer in the world, there is a huge untapped trade potential in the ready made garments (RMG) sector. He also said the government is coming up with a production-linked incentive scheme which will majorly include RMGs.
