India aims to increase plastic exports to the UAE by four times to $5 billion (Dh18.35 billion) by 2027, said a senior official of the Plastics Export Promotion Council (Plexconcil) of India.
Hemant Minocha, chairman of Plexconcil, said India’s stable economy, proximity to the UAE, and high quality of plastic products will help the South Asian country to achieve its $5 billion export goal to the Emirates.
“Bilateral trade between India and UAE reached $85 billion in 2022-23. While India imports more plastics from the UAE than it exports to the Emirates, hence, there is substantial room for growth. Export potential for Indian plastics to the UAE alone is around $5 billion, which is almost four times what we are currently doing,” Minocha told Khaleej Times in an interview on the sidelines of the Arab Plast 2023 exhibition, which is taking place at the Dubai World Trade Centre from December 13 to 15.
Established by India’s Ministry of Commerce and Industry, the Plexconcil represents 3,000 exporters who manufacture/ trade in plastic products. It is taking part in Arab Plast 2023 with the largest contingent ever of 73 exporters.
Plexconcil has also set a target to achieve $25 billion in global exports of plastic products by 2027 from currently $12 billion.
Of the $1.2 trillion plastic products exports, India’s share is only 1.1 per cent. But its exports are growing at an amazing pace of 10 per cent per annum.
Top export destinations
India’s top export destinations are China, the USA, UAE, Bangladesh, Nepal, the UK, Turkey, Germany, Italy and the Netherlands.
The South Asian country mainly exports plastic raw materials and plastic films and sheets, woven sacks and fabric, and consumer and houseware products among others.
Minocha was flanked by K. Kalimuthu, commercial representative of the Consulate General of India in Dubai, Nadhal Mohamed, general manager, Al Fajer, UAE; and Sribash Dasmohapatra, executive director of Plexconcil, in media and trade briefing.
“We are here to help our members seize this opportunity. The recent recently signed Comprehensive Economic Partnership Agreement (Cepa) between India and the UAE has provided a framework for enhanced economic cooperation, further strengthening bilateral ties.
“The Indian plastics industry is very strategically placed to become a leading global hub for sourcing plastics and plastic products. The Middle East holds immense potential for the Indian plastic export industry. In 2022, the region imported $38 billion worth of plastics, with India capturing only a 4.7 per cent share, which amounted to $1.7 billion. I hope we will be able to increase our numbers here,” Minocha said during the media briefing on Wednesday.
