H.E. Mr. Hendrick
José Perdomo Colmenares, Vice-Minister of Monitoring and Control of Trade and
Distribution, of the People's Ministry of National Trade.
Representatives of
Chambers of Commerce and commercial bodies; and,
Representatives of
Textile companies in Venezuela,
Ladies and Gentlemen,
Namaste
and Buenos Dias
It gives me great pleasure to
welcome you all today at this bilateral trade promotion event, bringing
together senior representatives of the govt, industry leaders, and other
stakeholders to explore and enhance cooperation in textile and readymade
garments sector.
India and Venezuela have always
maintained friendly and cordial relations with each other. Last year both the
countries celebrated 65 years anniversary of the establishment of diplomatic
relations. I am happy to state that trade and commerce has been an important
pillar of this partnership.
It is a matter of great pride that
India has emerged as a global powerhouse in the textile industry and readymade
garment sector. India is the largest producer of cotton yarn and second largest
producer of home textiles. Our textile companies are renowned for their
capabilities in research, development, and manufacturing of high-quality, and
affordable products.
For today’s event, the Textile
Export Promotion Council (Texprocil) and Apparel Export Promotion
Council (AEPC) have shared their presentations on our strengths and the
potential areas of cooperation between the two countries. Texprocil’s
presentation will be shared with all of you in this event. AEPC’s presentation
is placed in your folder. Following that, we plan to have an interactive
session to discuss about the opportunities and to hear your observations.
Ladies
and Gentlemen,
The recent
past has witnessed strengthening of trade partnership between India and
Venezuela in many commercial sectors including textiles. India’s share in the
Venezuelan imports of total textile items is 5% and in the imports of cotton
textiles is 9%.
India's
exports to Venezuela in cotton textiles and clothing sector has
increased by almost 100% in the last 4 years. Indian exports to Venezuela in
2020 was worth US$ 9.95 mn whereas in 2024 it was US$ 18.69 mn.
The
exports of cotton yarn from India to Venezuela saw an exponential growth
of more than 400% in the last 4 years. The cotton yarn export from India to
Venezuela was US$ 0.21 mn in 2020 which rose to US$ 0.88 mn in 2024.
In
the readymade garments sector also, a fourfold growth was witnessed, rising
from US$ 0.96 mn in 2020 to US$ 3.97 mn in 2024. However, our market share is still
less than 1% as compared to other countries.
Government
of India has been actively addressing quality control issues in the textile
industry to ensure the production of high-quality products that meet
international standards. We have also taken effective steps to improve the
Export Control Mechanisms which include the registration of exporting
companies, regular reviewing of export licenses, checking of relevant documents
in compliance with international treaties.
Ladies
and Gentlemen,
As we look to strengthen
collaboration with Venezuela in textile and readymade garment sectors, it is
crucial to recognize the potential synergies between our nations. The exchange
of expertise, technology, and best practices can lead to mutually beneficial
outcomes. Indian textile and apparel industries can offer Venezuela with high-quality,
cost-effective textile products, in line with the latest fashion trends.
The Embassy is glad to arrange
platforms like this to promote dialogue and partnership between the important
stakeholders on both the sides. I trust all of you would benefit from the
interactions, leverage on each other's strengths and build stronger bonds.
I thank all of you once again for
your participation!
Thank
you.
