Plexconcil Targets US$ 100 Million Plastics Export Across Central America in the Coming 3-4 years
#Plexconcil #PlasticsExportsPresently, trade within plastics with the USA is in favour of India with exports of US$ 2.3 Billion in comparison to imports of US$ 1.8 Billion. Our internal research indicates that India has the export potential to grow by over US$ 9.8 Billion in plastics raw materials, films & sheets, consumer & houseware among others.” - Sribash Dasmohapatra, Executive Director, Plexconcil
December 2023 : The Plastic Export Promotion Council (Plexconcil), the apex body of the plastics exporting community in India, recently concluded strategic buyer-seller meets (BSM) and meetings across key Central American markets like Costa Rica, Guatemala, El Salvador and Honduras. While the BSMs held in El Salvador, Honduras & Guatemala resulted in 12 leading Indian exporters engaging with 104 representatives from 57 companies, the Council also had very fruitful meetings with the Govt of Costa Rica, Chamber of Commerce, plastics associations and leading exporters from the country. The Indian embassy in Mexico further supported the outreach initiative by organizing a BSM along the sidelines of the PLASTIMAGEN show in Mexico.
The Central American region is not only strategically placed as the gateway to the northern and southern American continents but is also a key emerging market for Indian plastics exports. With a combined export potential of US$ 2.0 Billion, the region presents excellent prospects for the Indian industry.
The main agenda for the visit was to create awareness about the Indian Plastic Industry and its potential in the Central American market for quality products, including value-added products from India. The meetings were led by Hemant Minocha, Chairman of Plexconcil, along with Sribash Dasmohapatra, Executive Director of Plexconcil and Ruban Hobday, Director – of South, Plexconcil, visiting the key stakeholders in the Plastic Industry.
Speaking at the BSM, Hemant Minocha, Chairman of Plexconcil, said, “Central America’s robust economy and the increasing demand for plastic products in various sectors, including agriculture, packaging, and manufacturing, makes it an attractive destination for Indian plastic manufacturers. While China, Mexico, USA and South Korea have been majorly catering to this region, with changing supply chain dynamics, India is now emerging as a strong alternative to China. This can be a major thrust for Indian exporters who must capitalize on these emerging opportunities and expand their footprint into the region. The BSM and meetings fostered productive discussions and laid the foundation for strengthening trade relations in this sector, benefiting all stakeholders.”
The Buyer Seller Meet showcased the immense potential for trade in the plastic and polymer industry between India and the Central American market. With India’s growing expertise in the plastic manufacturing sector and its capacity to supply a wide range of plastic and polymer products, the meetings provided the platform for Indian companies to explore new trade avenues in the region.
Sribash Dasmohapatra, Executive Director of Plexconcil, further added, “In the mosaic of current global trade, the constructive collaboration between India and Central American countries paints a canvas of untapped potential. Now is the opportune moment for India to forge strategic partnerships and in an era of economic interdependence, bridge the gap between India and the nations of Central America. Through this initiative, Plexconcil hopes to not only foster mutual prosperity but also sustainable development for all stakeholders. On the other hand, Plexconcil had a fruitful meeting with the Embassy of India, Washington DC and active discussions were held regarding making deeper inroads into the American market and reaching out to retail chains such as Walmart, Costco, Target etc who may be interested in sourcing plastic goods from India. Presently, trade within plastics with the USA is in favour of India with exports of US$ 2.3 Billion in comparison to imports of US$ 1.8 Billion. Our internal research indicates that India has the export potential to grow by over US$ 9.8 Billion in plastics raw materials, films & sheets, consumer & houseware among others.”
About Plexconcil: The Plastics Export Promotion Council (Plexconcil) – which acts as a bridge between the Industry and the Government - was established by the Ministry of Commerce & Industry, Department of Commerce, Government of India on 15th July 1955, as a non-profit organisation. It was one of several Export Promotion Councils (EPCs) launched by the Government to project India's image abroad as a reliable supplier of high-quality products in order to give a boost to the country’s plastic exports.
Plexconcil is the apex body of the plastics industry in India and represents above 3000 exporters who manufacture/export plastics products ranging from plastics raw materials to semi-finished and finished items. The Council has its headquarters in Mumbai, and regional offices in New Delhi, Kolkata, Chennai and Ahmedabad. Products from the Indian plastics industry are exported to over 200 countries across the globe. For updates: https://plexconcil.org/
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