India to join Asian retailers' meet

India has been admitted to the Federation of Asian Retailers Association (FARA) and will participate in the bi-annual 12th Asian Retailers Convention and Exhibition (ARCE) next year.

The Federation of Indian Chambers of Commerce and Industry (FICCI) has been elected the official representative of India in ARCE to be held in China from September 6 to 10.

FICCI will particularly look at showcasing Indian retail houses in China and is in talks with major retailers who want to enter the Chinese market.

"Bilateral trade between India and China stands at $1 billion a month since January this year. But, we have no presence in the Chinese retail sector even as some of the provinces allow foreign presence in the sector. We are in talks with retailers as well as officials in the trade and commerce ministry to push for making China a market for India," Amit Mitra, secretary general of FICCI, said.

FICCI would be taking a delegation of 15 retailers for the retailers' exhibition that will showcase equipment and technology, logistics modernisation, retail real estate, constructions and store cooperation projects, chain supermarkets, design projects and e-commerce.

"Even as India will take time to open up its retail sector, the companies need to focus on the Asian countries and FARA will give us a gateway to not only enter ASEAN nations but other potential markets like Turkey and Mangolia which can absorb Indian products," Mitra said.

Gems and jewellery, leather, auto components, specialised textiles, food and agro processing, herbal medicines and Indian spirits are some of the areas where India can make headway in China, Mitra said.

"With the commerce ministry providing various sops to the gems and jewellery and leather exporters, China could be a big market for the sectors and we will look at the retail aspect in the FARA convention," he added.

With over 2000 trade delegates likely to meet at ARCE, FICCI expects the Indian retail trade to touch about $7-8 billion next year and will look at hosting the FARA convention and ARCE in next few years.