The Taiwan Textile Fair opened here today to showcase technical textiles to Indian apparel manufacturers.
The fair is being held in New Delhi on November 18,19 and Bengaluru 21, 22 November, after which it moves to Sri Lanka. This year's edition is expected to generate business worth USD 4 to 5 million in all three venues combined.
However, in view of the low demand for technical or functional garments in India, the Taiwanese industry wants the government to provide incentives like lower import duties.
Executive Director at the Taipei Economic and Cultural Center in India Guann-Jyh Lee said: "We need the Indian government to give some incentive for importing materials from foreign countries to India. The Indian government should not only focus on protecting domestic industry but also look at developing the industry".
"So, lots of recommendations like lowering import tariff duties for some key products which is relevant to the Textiles Ministry has been proposed to the government," he said.
The fair will also introduce Indian manufacturers to new product categories to develop for the growing demand in the domestic as well as export market.
The Indian apparel industry is set for strong growth, buoyed by strong domestic consumption as well as export demand. It has the potential to increase its textile and apparel share in the world trade from the current 4.5 per cent to 8 per cent and reach USD 80 billion by 2020.
The organised apparel segment is expected to grow at a compound annual growth rate of more than 13 per cent over a 10-year period.
Bilateral trade between Taiwan and India has increased over the years. The textile and apparel export value from Taiwan to India is USD 327 million.
The fair is organised by the Bureau of Foreign Trade and Taiwan Textile Federation and represented in South Asia by Worldex India Exhibition & Promotion Pvt Ltd.
The organizers believe that India has a rich demographic dividend and with South Asia predicted to become the largest textile and apparel producer, Taiwan is looking for stronger bilateral trade co-operation with India.
