48 Indian plastic makers take part in Expo Plast
The Dollar Business Bureau
As many as 48 Indian plastic manufacturers will participate in the ‘India Pavilion’ of the 7th Expo Plast that started on Tuesday in Lima, the capital of Peru. The event will go on till this Friday, May 6. The Federation of Indian Chambers of Commerce and Industry (FICCI) is organising the ‘India Pavilion’ in Expo Plast Peru, the global exposition of the plastic industry.
The Indian Ambassador to Peru Sandeep Chakravorty, inaugurated the India Pavilion. The members of the Organisation of Plastics Processors of India (OPPI) along with leading players of Indian plastics industry participated in the event. National Plastics Industry, Xpro and Chiripal Group are some of the partners supporting FICCI in this initiative.
The MoUs were signed between the OPPI and Peruvian Association of Plastic Industry – APPIPLAST, and between FICCI and the Lima Chamber of Commerce and INCHAM to improve trade and investment between the countries. India and Peru are about to sign a Free Trade Agreement (FTA) to enhance the bilateral trade from the current $1.5 billion to $2 billion.
Indian plastic companies can influence Peru’s FTAs so as to gain access to the Latin American and Pacific Alliance countries. This is a huge market of 220 million people and comprises over 60% of Latin America’s global trade.
The Indian plastics industry has grown at rate of 8% in the past five years at 8.5 million tonnes per annum. Indian plastic firms have been serving not only the consumer durables and packaging sector but also agriculture, automobiles, infrastructure, healthcare and electronic sectors.
The India Pavilion in this event will provide an opportunity for Indian plastic companies to come in contact with all the stakeholders of international plastic industry and further to expand their international presence.