Huge potential for Made in India apparels in Spain: AEPC
New Delhi:There is an immense potential for Indian appparel manufacturers, including readymade garment players, to increase their exports in Spain as the European country imports significantly from other countries, the AEPC said on Wednesday.
The Apparel Export Promotion Council (AEPC) said that India is currently the seventh largest readymade garment supplier to Spain with an export of $817.6 million in 2019, which is just 4.2 per cent of Spain's market.
In manmade fibre garments, while Spain's global import stood at $7,629 million, imports from India was just $217.6 million, a market share of mere 2.9 per cent. Speaking at 'India-Spain Synergies in Apparel and Textiles' organised by the AEPC, Deputy Ambassador of India to Spain Madan Singh Bhandari said Indian apparel manufacturers can significantly increase their exports to Spain considering the recent transformations that the sector has undergone in India.
"Despite good presence of Indian products in Spain, India's share in apparel imports by Spain is very less. There is a huge potential for this to grow as India has taken several structural reforms in recent past and there is a growing positivity in the Indian economy," he said.