Fortum, H&M come calling at BharatTex

The country's total export value in textiles reached $24.70 billion in the first nine months of the fiscal year 2023 (April-December).. (Image: Pixabay)
The country's total export value in textiles reached $24.70 billion in the first nine months of the fiscal year 2023 (April-December).. (Image: Pixabay)

Summary

The participation of these industry leaders underscores India's growing role in the global textile sector, signalling a positive outlook for increased investments in the country's textile industry

New Delhi: Leading international textile companies, including Fortum, Lenzing, H&M, Busana Group, and Hyosung Corp, are set to attend the upcoming global textile event BharatTex beginning 26 February, officials familiar with the matter said.

The participation of these industry leaders underscores India's growing role in the global textile sector, signalling a positive outlook for increased investments in the country's textile industry. The government's efforts to boost India's presence in the technical textiles market, a segment witnessing rapid expansion, is a key factor in this development.

"Besides industry participation, ministerial and business delegations are also expected from key textiles hubs, including Australia, Italy, Turkey, South Korea, Bangladesh, Russia, Peru, Egypt, and Thailand," two officials told Mint.

India exports technical textiles, including medical apparels, amounting to $2.5 billion, with plans to increase exports to $10 billion in the next five years. Holding a 4% share in global textiles and apparel trade, India contributed 10.33% to its overall export basket in the financial year 2021-22. 

The country's total export value in textiles reached $24.70 billion in the first nine months of the fiscal year 2023 (April-December).

Global organizations such as Cotton Connect, Fashion for Good, Better Cotton Initiative, Responsible Sourcing Network, International Textile Manufacturers Federation (ITMF), International Apparel Federation, India International Textile Machinery Exhibitions Society (India ITME Society), and Bangladesh Garment Manufacturers and Exporters Association (BGMEA), along with Cotton Egypt Association, are partnering BharatTex 2024 for discussions and deliberations on global trends in textiles and apparel, the first official said.

"The discussions at the textile conglomerate will focus on sustainability, circularity, traceability, Industry 4.0, innovation, green financing, and other relevant topics," the second official said.

The ministry has planned over 40 knowledge sessions with participation from chief experience officer (CXO) level delegates representing H&M, Bestseller, KAS Group, Nike, Cotton Connect, Tommy Hilfiger, Kohl’s, Coats, Perennials, and Lenzing, among others.

Domestic leaders in the textile industry, including Aditya Birla Group, Reliance Group, Arvind Fashion, Welspun Living, Trident Group, etc, are also set to showcase their products to global buyers.

"As of now, over 3,000 exhibitors have registered for the show, and Bharat Mandapam venue is fully sold out," the second official said. Very few spaces are left at the other venue Yashobhoomi Convention Center.

States, including Maharashtra, Uttar Pradesh, Madhya Pradesh, and Gujarat, will also showcase their products at the show.

The domestic apparel & textile industry contributes about 2.3% to the country’s GDP, 13% to industrial production, and 12% to exports. 

India ranks among the top global producers of cotton and jute, is the world's second-largest silk producer, and accounts for 95% of the world's hand-woven fabric.

A spokesperson with the Australian high commission said, “India and Australia have a long-standing collaborative and mutually beneficial textiles relationship, where Australian exports of high quality cotton and wool natural fibres input into India’s burgeoning textiles industry. BharatTex provides a platform to continue elevating this partnership." 

Senior representatives from Australia's cotton and wool industry are expected to participate at BharatTex 2024, the spokesperson added.

While India ITME Society and Trident Group confirmed their participation in the show,  queries sent to Fortum, Lenzing, H&M, Busana Group, and Hyosung Corp, H&M, Bestseller, KAS Group, Nike, Cotton Connect, Tommy Hilfiger, Kohl’s, Coats, Perennials, Lenzing, and all others mentioned here were unanswered until press time.

In response to email queries, India ITME Society and Trident Group confirmed their participation, while other companies such as Fortum, Lenzing, H&M, Busana Group, and Hyosung Corp, as well as other mentioned entities, did not reply by press time.

 

 

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