India is gearing up to tap into an estimated USD 117 billion in untapped export potential as the World Trade Expo 2024 shines a spotlight on trade and investment opportunities across 30 countries and regions. The event, organized by the World Trade Center Mumbai and the All India Association of Industries (AIAI), will take place from October 17-18 at the Arcade, Expo Center, WTC Mumbai. The fifth edition of the expo will feature HE CP Radhakrishnan, Governor of Maharashtra, as the Chief Guest, delivering the keynote address on the theme “Innovation for Sustainability with Focus on Green and Renewable Energy.”
The Expo will bring together ambassadors and trade missions from various regions, including the Americas, Europe, Africa, and Asia. These regions collectively account for a significant portion of India’s total merchandise trade, exports, and imports. In the fiscal year 2024, India recorded a trade deficit exceeding USD 10 billion with these regions. Key sectors with untapped export potential include textiles, pharmaceuticals, chemicals, automobiles, and machinery. The United States offers the most significant opportunity with an estimated USD 46 billion in untapped export potential across sectors such as gems and jewelry, pharmaceuticals, and automotive components.
India’s existing trade agreements with many participating countries provide a strong foundation for expanding trade relations. Strategic collaboration opportunities in semiconductors and electronics exist with Vietnam, Malaysia, and South Korea. Emerging African economies, including Ghana, Ethiopia, Kenya, Uganda, and South Africa, present promising business prospects in manufacturing, agriculture, and services. A special roundtable with African diplomats will discuss new areas of cooperation in food security, energy, sustainable development, and skill development.
Vijay Kalantri, Chairman of WTC Mumbai and President of AIAI, highlighted the Expo as a promising platform for Indian MSMEs, startups, and large companies to explore alternative markets for trade and investment. He emphasized the importance of discussions on green energy, gender equality, skill development, climate-smart technologies, and capacity building for MSMEs and start-ups. India’s merchandise exports had previously risen for three months since April but saw a decline in July and August due to geopolitical tensions, disrupted trading routes, and rising freight charges.
Rupa Naik, Executive Director of WTC Mumbai, expressed confidence in the Expo opening new market opportunities for Indian MSMEs, women entrepreneurs, startups, and large corporates. The two-day event will feature exhibitions, high-impact country presentations, an African Ambassadors’ Roundtable, B2B and B2G networking sessions, and cultural programs. The Expo aims to facilitate collaborations and discussions on trade, investment, green energy, skills development, and emerging technologies with a focus on sustainability and innovation.
In conclusion, the World Trade Expo 2024 presents a significant opportunity for India to unlock its untapped export potential and expand trade relations with key countries and regions. The event will serve as a platform for Indian businesses to explore new markets, foster partnerships, and drive innovation in sectors such as green energy, manufacturing, and technology. With a diverse range of participants and engaging discussions, the Expo is set to pave the way for enhanced collaboration, investment, and growth in India’s global trade landscape.
