Ambassador of India to Japan Sanjay Kumar Verma has said that COVID-19 has prompted Japanese companies to diversify their supply chain and the Indian textile sector has the potential to serve the sector-specific need.
It’s worth noting that China continues to be the main supplier of textiles to Japan along with Italy, Vietnam, South Korea and US.
The Ambassador was virtually inaugurating the 7th edition of India Tex Trend Fair (ITTF), a physical-cum-virtual fair, in Tokyo (Japan).
“Although India’s share in Japanese market is negligible, in the textile sector there’s a good potential for increasing bilateral textile trade between the two,” he said.
He added that India is recognised as one of the best sourcing destinations for garments, textiles, accessories and finished products. Manufacturers are ready to innovate, be flexible on quantities and have a hands-on approach to quality control.
“India can provide a more resilient supply value chain to Japan as India has comparative advantage in the textile sector in terms of low-cost production and traditional knowledge in the sector. The Indian exporters will have to address some issues like productivity and prices,” he further stated.
Dr. A. Sakthivel, Chairman, AEPC, also believes that Japan is a thrust market for India and continuous efforts have been made by AEPC to participate in India Tex Trend Fair, Japan regularly. Globally there is a growing positive sentiment towards India including among Japanese companies.