Plexconnect 2023 foresees 380 international buyers from over 63 countries

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Plexconnect 2023 foresees 380 international buyers from over 63 countries

Plexconnect 2023 foresees 380 international buyers from over 63 countries

Industry News
May 02,23

The international plastic event, Plexconnect 2023 is happening from June 15 to 17, 2023 at Bombay Exhibition Centre (NESCO), Mumbai. The event organised by Plastics Exports Promotion Council of India (Plexconcil) anticipates buyers from countries such as 63 countries Kyrgystan, Uzbekistan, Korea, Brazil, Israel, and Indonesia.

Plexconnect 2023 foresees 380 international buyers from over 63 countries

Poised to become an important event in the international plastic events calendar, Plexconnect 2023 has already received confirmation from 380 International buyers from over 63 countries. Trade delegations from several countries, including Kyrgyzstan, Uzbekistan, Korea, Brazil, Israel, and Indonesia, will also participate in the first-ever export-focused event being organised by the Plastics Exports Promotion Council of India (Plexconcil) under the aegis of the Union Commerce Ministry from June 15 to 17, 2023 at the Bombay Exhibition Centre (NESCO), in Mumbai. Plexconnect 2023 attracts a global audience as over 45 Indian embassies and high commissions promote this government-sponsored event.

Plexconcil, with the support of the Ministry of External Affairs (MEA), has been in constant coordination with 70–80 Indian embassies and foreign missions to promote and attract buyers from their respective regions. Over 150 embassies have been contacted for the global promotion of the event, said Hemant Minocha, Chairman of Plexconcil. The global export market for plastics is valued at $1.2 trillion, with India’s share being just about 1.1 per cent, with the potential to garner 3 per cent by 2025. Post Covid, there have been great disruptions in the global supply chains, and “we believe that rather than being the alternative to sourcing from China, our industry has the resources and the capabilities to become the world’s leading hub to source plastics,” Minocha said.

Plexconcil also planned RBSM (reverse buyer-seller meet) at the expo featuring about 500 select international buyers from more than 100 countries who are being invited to network and conduct trade with Indian plastics exporters during the exhibition. The export opportunities for the plastics industry are bound to rise with the signing of the Economic Cooperation and Trade Agreement (ECTA) with Australia and the Comprehensive Economic Cooperation Agreement (CEPA) with the UAE, said Sribash Dasmohapatra, Executive Director, Plexconcil. There are many more such agreements in the offing, he pointed out. The Council is also working with the MSME Ministry to extend grants under the PMS Scheme to the MSME exporters, which will help facilitate their participation at very minimal or no cost to them, Dasmohapatra said. He pointed out that about 90 per cent of the plastics industry units are MSMEs.

Besides our efforts, policies such as the new Foreign Trade Policy (FTP) released on March 31 place renewed thrust on emerging areas like e-commerce, streamlining of the SCOMET policy, provision for merchanting trade, and encouraging overseas transactions in INR with an aim to make it a global currency are forward-looking moves, Dasmohapatra said.

Through various initiatives, it also aims to build financial capabilities and further recommendations to reduce the barriers and increase MSME involvement and competitiveness in international trade, he said. While the new FTP & FTAs support overall export growth, a platform like Plexconnect will allow new exporters to learn about global trends and demand for Indian plastics, along with myriad benefits of becoming an exporter, he mentioned.

India’s plastics export has been growing at a CAGR of 12 per cent and Plexconcil plans to double exports to reach $25 billion by 2025.

India currently exports to over 200 countries globally including China, the US, UAE, Bangladesh, Nepal, UK, Turkey, Germany, Italy and the Netherlands.