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India-Australia Trade Pact: Catalyst for textile growth

12 January 2023, Mumbai

Sanjay Garg, President of NITMA, expressed his gratitude to the Honorable PM Narendra Modi and Honorable Minister for Commerce & Industry & Textiles Shri Piyush Goyal Ji for the historic accomplishment.

The Economic Cooperation and Trade Agreement between India and Australia, which came into effect on December 29, 2022. The two nations' business relations as well as the full range of goods and services are set to profit from this agreement, which is the first trade agreement between India and a developed nation in recent memory.

According to Garg, the trade agreements with the UAE and Mauritius have already begun to provide better results, while the agreement with Australia will give various Indian textile products, particularly ready-to-wear clothing and home textiles, zero-duty market access.

According to the president of NITMA, the removal of the 10% tariff barrier for exporting to Australia as well as the 11.0% import charge on cotton will increase India's textile and apparel industry's competitiveness in the world market. In a space of five to six years, he thought that expeditious FTA discussions with Canada, the United Kingdom, and a few other nations would allow India to reach its target exports of USD 100 billion and the USD 350 billion total market size for textiles.

Garg also stated that the treaty would tremendously benefit to bridge the trade deficit of roughly USD 8.5 billion with Australia.

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Oerlikon acquires Riri

16 December 2022, Mumbai

Oerlikon announced today that it has signed a definitive agreement to acquire Riri, a leading provider of coated metal accessories for the luxury fashion industry.

“Riri is highly complementary to our existing luxury business and will reinforce our fashion jewelry and metallic components for leather goods. It is the ideal next step after our acquisition of Coeurdor in 2021 and will make us a market leader and an integrated provider with a complete offering of coated luxury metalware for high-end fashion brands,” said Michael Suess, Executive Chairman, Oerlikon".

“Our portfolio, particularly in zippers and buttons, is an excellent fit to Oerlikon’s strengths in coated metal-based fashion components. Together, we are ideally positioned in Italy and France – the two major European fashion hubs – and can provide a complete offering to fashion customers,” said Renato Usoni, CEO, Riri".

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10TH INTEX, DELHI (INDIA) Concludes Successfully

22 December 2022, Mumbai

The 10th edition of Intex India concluded successfully at Pragati Maidan, New Delhi with textile manufacturers and suppliers from over eight countries showcasing innovative, fashionable, and sustainable textiles.

Traders and buyers from over 22 countries visited the show. The three-day sourcing event took place from December 8 to 10 December.

A busy show that generated good business

Buyers’ delegations from over 22 countries including Italy, Spain, the US, Canada, and Russia among others attended the show.

Over 4,252 trade buyers from across India and the world were present. More than 150 companies from over eight countries exhibited and with business over $650 million business expected to have been generated.

As Arti Bhagat, Executive Director, Worldex India and organiser of Intex India said, “We are pleased to launch Intex in India and to see the participation of many high-caliber exhibitors and large numbers of international buyers here.

India today is a world leader in textiles, a key element of the global value chain being the world’s fifth-largest exporter of apparel, home, and technical textile products. India is targeting growth at 8 percent CAGR reaching $100 billion by 2030.

This target would help India double its share of the global textile and apparel trade from the current level of 5per cent.

Aims to accelerate growth

With a growing demand for man-made fibre (MMF) textiles as a substitute for cotton amid changes in global fashion trends, the Intex India exhibition offered international manufacturers and suppliers opportunities to explore new business and investment avenues in India under this sector and increase their supply-chain to fulfill the demand for sourcing innovative, eco-friendly and functional textiles which is much needed by the Indian apparel and fashion industry. Further, to increase its global market share, Indian manufacturers are producing a value-added range of garments and fashion accessories for global buyers to increase their sourcing from India and reduce their dependency on China.

Also, the Intex platform assists the domestic apparel industry to offer high-value and sustainable garments to fashion-conscious and high-spending Gen Z and millennial consumers. Intex India is organised with the purpose of accelerating this growth by supporting it through a strong business platform.

The show saw the presence of international suppliers.

Buyer-seller meets a high point

The 10th edition was jointly organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) under the aegis of the Department of Commerce, Ministry of Commerce along with the Worldex India Exhibition and Promotion.

A ‘Reverse Buyer Seller Meet’ (RBSM) was jointly organized offering Indian exhibitors a platform to promote. Over 500 B2B meetings were organized between international buyers and Indian exhibitors over three days. These will give a boost to India’s textile exports by $650 million in coming years; increasing our export base and creating employment opportunities by supporting the ‘Make in India’ program.

In order to boost micro and small entrepreneurs in the textile sector, the Ministry of Micro, Small, and Medium Enterprises (MSME) extended their support to qualified MSMEs at Intex India. More than 48 exhibitors joined the show to promote their textile and apparel strengths and expand their domestic and international presence.

Participants at the MSME Pavilion were overwhelmed with the sale enquiries they received from international and domestic buyers. Some leading Indian exhibitors were: Reid & Taylor, and Alok Industries amongst others.

ReshaMandi was the official online sourcing partner of Intex India 2022.

Over 85 percent of participating exhibitors were satisfied with buyers’ footfalls. Some Leading international buyers that attended the show included KOMAR Brands from the US, TWO MAD from Switzerland, Sewkit from Russia, NUNINE from France, Hela Clothing from Sri Lanka), TESCO Sourcing (Sri Lanka), and more.

B2B meetings, trends, and knowledge sessions were organised at the Interactive Business Forum (IBF) Seminar Series and ‘Trendz Now’ – the colour, fabric, and fashion forecast showcase.

Presentations were made by Italtex (Italy), Pantone (USA), and Orsha Linen Mills (Belarus) that offered the attendees valuable insights from the industry experts on 2023-24 fabric and fashion trends, colour trends, and working of Pantone Connect as well as new market opportunities in India for sustainable textiles.

Intex South Asia is now well established as the region’s premier international textiles sourcing platform, which is successfully held in key markets of South Asia like Bangladesh, Sri Lanka, and India and would become the annual calendar event for South Asia’s textile and apparel industry.

The 2023 edition will be Intex South Asia in Bangladesh, Sri Lanka, and India.

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SIMA: Urges to turn down abnormal ADD recommended on VSF

21 December 2022, Mumbai

In a Press Release issued here today, Mr.Ravi Sam, Chairman, The Southern India
Mills’ Association (SIMA), has appealed to the Hon’ble Union Finance Minister to reject the
unrealistic recommendation made by DGTR and ensure the survival of MSME spinning mills,
the decentralized power loom and handloom sector and also the garment sector.

SIMA Chairman has stated that the indigenous VSF fibre manufacturer is not in a
position to meet the growing demands of the VSF value chain, rationing their supply and
affecting the potential growth of the industry.

Against this background, the SIMA chairman has appealed to the Hon’ble Union Minister of Finance to reject the abnormal ADD rate recommended by the DGTR.

The Hon’ble Prime Minister has been taking various path-breaking policy initiatives to
address the raw material structural issues, especially the manmade fibres.

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INDIA ITME 2022: Empowering Textiles

19 December 2022, Mumbai

After a gap of six years, the event recorded a high flow of quality visitors there were delegations from 13 countries led by senior officials of the respective countries.

The organizer India ITME Society executed a seamless & flawless exhibition. India ITME 2022 opened the possibility and opportunities for overseas machinery manufacturers to tap the gaps in India.

8th December 2022 the event was opened in accordance with the Indian tradition of lamp lighting and attended by Mr. S. Hari Shankar, Chairman, India ITME Society, Rakesh Kumar, Chairman, India Exposition Mart Ltd. along with other dignitaries who joined the simple ceremony.

The six-day event carried forward its theme “Empowering Textile Through Technology” encouraging indigenously developed innovations and research by Indian companies.

The high-profile technology & engineering exhibition for textiles witnessed participation from leading Indian institutes for textile engineering. Eminent Panelists from Aachen University, Germany, Ms. Gözdem Dittel, RWTH Aachen, Justin Kühn, RWTH Aachen, flew down to speak on the latest technology topics.

The other renowned speakers included Mr. Uday Gill, CSO, Indorama, Dr. PKC Bose, MD, Enercon Mr. Braz Costa, CITEVE, Portugal, Dr. Asim Tewari, IIT Bombay & many more.

The 11th edition of India ITME truly proved that it is a business platform that empowers and motivates the industry to the next level.

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