By: ICN Bureau
Last updated : February 15, 2023 8:00 pm
India exports of plastics in FY 21-22 to UAE was valued at US$ 626 million
Aiming to boost plastic trade between India and UAE, the government-sponsored Plastics Export Promotion Council (PLEXCONCIL) announced the signing of a Memorandum of Understanding (MOU) with Al Fajer, the orgnisers of Arab Plast.
The MoU was signed in presence of Hemant Minocha, Chairman Plexconcil, Sribash Dasmohapatra Executive Director, Plexconcil, and Nadhal Mohamed, General Manager, Al Fajer, UAE, during Plast India 2023 at Pragati Maidan, New Delhi, India.
In coordination with Al Fajer, PLEXCONCIL aims to work towards its long-term objective of enhancing exports to the ME region and beyond. Al Fajer has always supported Indian participants for mutual success.
“The Middle East and especially UAE is an important export destination for Indian plastics,” said Hemant Minocha, Chairman of PLEXCONCIL. “UAE is among our Top 3 destinations. India exports of Plastics in FY 21-22 to UAE was valued at USD 626 Million while UAE imports plastics worth USD 9.0 Billion. India's share of UAE's imports is only 7 %. However, India has the potential to increase exports to the tune of USD 5.0 Billion,” Minocha said.
“India is a very important market for UAE and both the countries enjoy historically strong trade ties, said Nadhal Mohamed, General Manager, Al Fajer, UAE.” “Our association with PLEXCONCIL has been a rewarding one for over a decade, and we are confident that this partnership will once again be fruitful for industry growth,” he said.
“We take great pride to say that ArabPlast is the flag bearer in the Middle East for the Plastics, Petrochemicals, Packaging and Rubber Industry,” Mohamed said.
He pointed out that the trade fair has been mustering exhibitors and visitor from all over the globe, with India, Europe, Taiwan and China being the largest contributors.
“India and the UAE have recently signed the bilateral trade pact that will have a significant impact on both the countries in terms of trade as well as job opportunities and the Indo UAE trade is expected to hit USD 100 billion mark by 2027. The two countries are also in talks to settle the non-oil trade in Rupees, and once it comes into effect, there will be a significant boost to the trade economy for both countries”, he concluded.