TFT May 2019

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Volume : 10 • Issue : 5 • May 2019

Registration No.MAHENG/2014/56577

www.tradefairtimes.com

Asia’s Most Read*

India's MICE Tourism growing at 8 % per year A new report by industry body FICCI says that strong economic growth coupled with rapid emergence of India on the global horizon is poised to drive the growth of MICE (meetings, incentives, conferences and exhibitions) tourism at a much faster rate. India is a late entrant in the segment with a little share on the global scale. Of the total 12,563 international meetings in a year, it hosts only 175 - or just 1.4 per cent to rank 24th worldwide. In 2018, MICE tourism in India was pegged at Rs 25,000 crore with 8 per cent growth year-on-year, said the report titled 'India Inbound Tourism: Unlocking the Opportunity'. The industry is estimated to have a space of 5 lakh square metres, which is expected to cross 15 lakh square metres over the next two to three years. "This will result in doubling the growth rate," said the report highlighting enormous potential India has due to its strategic location and being a round-the-year destination. The global MICE tourism is estimated to be growing

at a compound annual growth rate of 7.5 per cent and reach 1.2 trillion dollars (about Rs 70 lakh crore) by 2023. Asia Pacific region is expected to lead this with 8.6 per cent growth. India ranks fifth in the Asia Pacific region behind Japan, China, South Korea and Australia. However, it has a variety of destinations which can be clubbed with diverse tourism offerings to enhance MICE. Consistently among the fastest growing economies in recent years, India has price competitive offerings in addition to 31 international airports, five cruise ports besides one of the largest rail and road networks worldwide. However, the country must upgrade its infrastructure, have more world-class convention and exhibition centres plus adopt a holistic approach to promote MICE tourism.

India Russia to strengthen bilateral trade facilitated by ITPO In an attempt to fulfill the aspirations of the IndoRussian business fraternity, the first ever national level participation in the sixth edition of the Irkutsk International Trade Fair, Irkutsk, Russia (August 21 to 24, 2019) is being organised by the India Trade Promotion Organisation (ITPO) at the Irkutsk Exhibition Complex in Russia. The event aims to carry forward the momentum to further strengthen the bilateral trade relations and provide an excellent business platform to the Indian companies in Russia’s untapped Balkan region. The event will feature bonhomie of the people of Russia towards Indian products as they have a special place in their hearts. Significantly, the event will be visited by the companies from main cities of Siberia, Russia and India’s neighboring countries like China, Mongolia, Kazakhstan, Ukraine, Belorussia and so on. India's participation assumes special significance as both the countries have made a resolution to set a target for US$ 30 billion in bilateral trade by 2025 and both the countries are working together towards developing a Free Trade Agreement (FTA) to facilitate

this target. This also includes the sale of commodities along with civil nuclear energy and defense equipment. The multi-product B2B and B2C event is being held with the support of the Embassy of India in Russia, the Government of Irkutsk Region, the East Siberian Chamber of Commerce and the Industry and City Administration of the Irkutsk city. India's country level participation will bring the two countries together to work jointly towards integrating them into a regional value chain, thereby promoting mutual trade and investment. << Continued From page 5

Chander Mansharamani

Ashish Gupta

Reggie Aggarwal

Ravinder Kumar Passi appointed chairman of EPCH

Shri Ravinder Kumar Passi, ViceChairman-EPCH has been elevated as new Chairman of Export Promotion Council for Handicrafts (EPCH) during 164th meeting of Committee of Administration (COA) held on April 17 informed Shri Rakesh Kumar, Director General – EPCH. Shri Passi has taken charge from Shri O.P. Prahladka. All members of Committee of Administration were present during the meeting. Shri Kumar further said that Shri Ravinder Kumar Passi, representing M/S R.K. Arts, New Delhi is a leading handicrafts exporter from Northern region since last 26 years. He is associated with Export Promotion Council for Handicrafts (EPCH) since its inception and has served EPCH as its Chairman during 2001 and 2002. He is very actively involved in various trade bodies. Shri Passi has also been the Co-Chairman of National Centre for Design and Product Development [NCDPD] for many years. Shri Passi expressed his gratitude to members of Committee of Administration of EPCH after taking over as Chairman of Export Promotion Council for Handicrafts, an apex organization for promotion of Exports of Handicrafts from the Country. The exports of Handicrafts have shown an increase from Rs. 23029.36 crores (201718) to Rs. 26590.25 crores during the year 2018-19 [prov.] Showing an increase of 15.46% % over previous year. Shri Passi further said that in order to sustain this growth, the international marketing initiatives, cluster development projects, design and product development, new policy initiatives are needed to be pursued more vigorously.


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