World Trade Expo 2024: A Gateway to India’s Export Potential
The World Trade Expo 2024, organized by the World Trade Center Mumbai and the All India Association of Industries, is set to take place on October 17-18 at the WTC Mumbai. This event aims to unlock an estimated USD 117 billion in untapped export potential for India, focusing on trade and investment opportunities across 30 countries and regions.
Key Highlights
The Expo will be inaugurated by HE CP Radhakrishnan, Governor of Maharashtra, who will deliver a keynote address on “Innovation for Sustainability with Focus on Green and Renewable Energy.” Ajay Shankar, Former Secretary, DIPP, and Hardeep Singh Puri, Minister for Petroleum and Natural Gas, will also speak at the event.
Trade Opportunities
The Expo will bring together ambassadors and trade missions from regions that account for a significant portion of India’s trade. The United States presents the largest opportunity with USD 46 billion in untapped export potential in sectors like gems, jewelry, and pharmaceuticals. India’s existing trade agreements with countries like Malaysia and South Korea provide a strong foundation for expanding trade relations.
Focus on Africa
A special roundtable with African diplomats will explore cooperation in areas like food security and sustainable development. The African Continental Free Trade Area (AfCFTA) will be a key focus for Indian businesses.
Statements from Organizers
Vijay Kalantri, Chairman of WTC Mumbai, emphasized the Expo’s role in providing a platform for Indian MSMEs and startups to explore new markets. Rupa Naik, Executive Director of WTC Mumbai, highlighted the overwhelming response from participating countries, confident that the Expo will open new market opportunities.
The two-day event will feature exhibitions, networking sessions, and cultural programs, aiming to foster collaboration in emerging areas like green energy and skill development.
Doubts Revealed
World Trade Expo -: A World Trade Expo is a big event where countries come together to show and discuss their products and services. It’s like a giant market where people from different countries can learn about and buy things from each other.
Mumbai -: Mumbai is a large city in India, known for being the financial and entertainment capital of the country. It’s like the heart of business and movies in India.
Export Potential -: Export potential refers to the possibility of selling more goods and services to other countries. It’s like finding new friends who want to buy what you have to offer.
USD 117 billion -: USD 117 billion is a huge amount of money, in US dollars, that India could earn by selling more products to other countries. It’s like having a big treasure chest of money.
Maharashtra’s Governor -: The Governor of Maharashtra is a person who has an important job in the state of Maharashtra, which is where Mumbai is located. They help make decisions and represent the state.
Ajay Shankar -: Ajay Shankar is a person who might be an expert or important speaker at the Expo. He could be someone who knows a lot about trade and business.
Hardeep Singh Puri -: Hardeep Singh Puri is another important speaker at the Expo. He might be a government official or someone with a lot of knowledge about trade and exports.
Gems -: Gems are precious stones like diamonds and rubies that are used in jewelry. India is known for having many beautiful gems.
Pharmaceuticals -: Pharmaceuticals are medicines and drugs that help people get better when they are sick. India makes a lot of these medicines and sells them to other countries.
Green Energy -: Green energy is energy that comes from natural sources like the sun and wind, which are better for the environment. It’s like using the power of nature to make electricity.
Vijay Kalantri -: Vijay Kalantri is one of the organizers of the Expo. He helps plan and make sure the event happens smoothly.
Rupa Naik -: Rupa Naik is another organizer of the Expo. She works with Vijay Kalantri to make the event successful.