Strengthening Trade and Strategic Links with the African Region is one of the World Trade Expo’s primary focus areas.
Mumbai World Trade Expo, the premier event of World Trade Center Mumbai and All India Association of Industries (AIAI), will hold its fifth edition from October 17–18, 2024, at the Arcade, Expo Center, WTC Mumbai. Over 30 countries and regions will be featured, with a combined value of USD 117 billion in unrealized export potential.
The Governor of Maharashtra, H.E. Shri C.P. Radhakrishnan, has graciously agreed to serve as the Expo’s Chief Guest and present the Keynote Address, which will focus on “Innovation for Sustainability with a Focus on Green and Renewable Energy.” Mr. Ajay Shankar, a distinguished fellow of The Energy and Resources Institute (TERI) and a former secretary of the Indian government’s DIPP, will also speak at the first session on October 17, 2024.
Another special session on “Green & Renewable Energy” will take place after it, and at 2:00 pm, the Chief Guest and keynote speaker will be none other than Shri. Hardeep Singh Puri, the Hon. Minister for Petroleum & Natural Gas, Government of India.
The participating nations and regions’ ambassadors and trade missions will highlight the possibilities for commerce, investment, tourism, education, and technology exchange in their nations. Developed and developing nations from the Americas, Europe, Africa, and Asia will be present at the event. Together, these nations supply 28% of India’s merchandise trade, 35% of its merchandise exports, and 24% of its merchandise imports. India and them had a trade imbalance of more than USD 10 billion in FY24. Their importance to India’s energy, mineral, and food security is highlighted by the fact that they are the country’s main suppliers of ores and minerals, semiconductors, other electronic spare parts, coal, and agricultural commodities like edible oils.
India has USD 117 billion untapped export potential with the participating countries in sectors such as Textiles, Pharmaceuticals, Chemicals, Automobiles and components, Machineries etc. USA offers the maximum untapped export opportunity worth USD 46 billion in sectors such as Gems and Jewellery, Pharmaceuticals, Automobiles & components and Machineries. Diamond, agro-chemicals such as insecticides, iron & steel, jewellery and motor vehicles are some of the commodities with the highest export potential in most of these participating countries. Country-wise export potential for India is given in the Annexure to this Press Note.
India has free trade agreements with a large number of these nations, including Mauritius, Malaysia, Sri Lanka, and South Korea. The ten ASEAN nations, with whom India has a trade deal, include other participating nations like Indonesia, Vietnam, and Thailand. India inked a trade deal with Norway this year; both countries are members of the European Free Trade Association (EFTA), and the Expo will highlight trade and investment opportunities between them.
Several of the participating nations, including South Korea, Vietnam, and Malaysia, may work with India in strategically important fields like electronics and semiconductors.
Delegates get the opportunity to investigate trade and investment prospects with many developing African nations, including South Africa, Ghana, Ethiopia, Kenya, and Uganda, which have favorable business environments in the manufacturing, agricultural, and service sectors.
African diplomats from Zimbabwe, Uganda, Ghana, Egypt, Ethiopia, and South Africa will gather for a special roundtable discussion on new avenues for cooperation in fields like space science, education, skill development, sustainable development, food security, and energy security. The African Continental Free Trade Area (AfCFTA) and its potential benefits for Indian business will also be covered by the Roundtable.
Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of the All India Association of Industries (AIAI), discussed the importance of the World Trade Expo by saying, “This Expo will be a promising platform for Indian MSMEs, startups, and large companies to explore alternative markets for trade and investment at a time when India’s merchandise exports have been falling consecutively for the last two months due to disruption in global trading routes.” In addition to trade and investment, the Expo will cover cooperation with the participating nations in developing fields including gender equality, climate-smart technology, skill development, green energy, and MSMEs’ and start-ups’ capacity building.
Due to geopolitical unrest, disruptions in international trade routes, and increased freight costs, India’s merchandise exports fell 1.8% in July and 9.3% in August of this year after increasing steadily for three months starting in April.
Ms. Rupa Naik, Executive Director, WTC Mumbai, highlighted the main result of the World Trade Expo by saying, “We have received an overwhelming response from developing and developed countries who are looking at India to diversify their trade and investment.” I’m sure that this Expo, which is being held in almost 30 illustrious nations, will present fresh business prospects for our MSMEs, female entrepreneurs, startups, and even big corporations.
A roundtable discussion with African ambassadors, an exhibition, high-impact country presentations, B2B and B2G networking opportunities, and cultural programs are all planned for the two-day Expo.
