Traders urged to showcase goods at Indian IHGF
Traders urged to showcase goods at Indian IHGF
The Ministry of Commerce has urged traders, importers, tour operators and hoteliers to participate in India’s “56th Indian Handicrafts and Gifts Fair (IHGF) Delhi Fair (Autumn) 2023” which is an opportunity to introduce their home-made products overseas and collaborate with new partners.
The fair to be held between October 12 and 16 this year at the India Expo Centre & Mart in Greater Noida, New Delhi, would present a contemporary and comprehensive selection.
This consists of over 2,000 product lines and 300 trends across 14 distinct furniture product categories for decorating home, office, hotel, restaurant, school and other furniture accessories and fittings made from plastic cane & bamboo for the international importers, wholesalers, retailers and design professionals.
The last edition of the IHGF Delhi Fair was held in March 2023, which was visited by over 7,000 overseas buyers and their representatives from over 100 countries and reported business of over $425 million.
Acting as a facilitator, the ministry invited Cambodian traders and importers who are keen to participate as a foreign buyer to register through website www.ihgfdelhifair.in/register or contact the Indian Embassy in Phnom Penh.
Speaking to The Post, Penn Sovicheat, a secretary of state for the ministry said the expo would serve as a platform for Cambodian businessmen to build connections with international traders and investors.
“We encourage them to join as it not only helps display their product in the international market but also to have direct dialogues with traders from other parts of the world.
“We need to seize this opportunity to seek partners in order to attract more investment not only from India but also other countries who will be joining the expo,” he said.
Sovicheat shared that the two-way trade between Cambodia and India has been growing steadily prior to the pandemic, adding that the populous Indian market has strong purchasing power and demand that matches Cambodia’s offerings.
Currently, the bulk of bilateral trade comprises agricultural and light-industry products, consumer goods and technological services.
The Kingdom is currently looking into the feasibility of establishing bilateral free trade agreements (FTA) with other jurisdictions such as India, UK, US, Japan and the Eurasian Economic Union (EAEU).
Sovicheat explained that FTAs could improve trade among signatories, as well as entice foreign entities to invest in the production of commodities that, for example, are in great demand on the Indian market.
Cambodian goods exports to India reached $91.5 million in the first four months of 2023, the General Department of Customs and Excise (GDCE) reported.
The volume of merchandise traded between the countries from January to April 2023 was to the tune of $161.1 million, up 15.8 per cent year-on-year from $139.2 million.
At the same time, the Kingdom imported $69.6 million worth of goods from India, down 16.6 per cent year-on-year from $83.4 million.
India is Cambodia’s eighteenth biggest trading partner for the period, representing 1.1 per cent, 1.3 per cent and 0.9 per cent of the Kingdom’s international trade ($15.2 billion), exports ($7.2 billion) and imports ($7.9 billion), respectively, according to the GDCE.
