Ten leading automotive component manufacturers from India will participate in an exposition in Egypt to explore opportunities in the Egyptian and North African markets.
The companies form a part of the global supply chain for the majors like Toyota, Mitsubishi, Nissan and Isuzu.
"India is emerging as a global hub for auto-components sourcing. The Indian auto-components are known for its cost effectiveness and quality. With the rapidly growing transport sector in Egypt, Indian auto-components industry is well positioned to cater to the needs of the Egyptian market through trade and investment collaborations," India's Ambassador to Egypt Sanjay Bhattacharyya said.
The Indian auto-components industry is set to become the third largest in the world by 2025 and is expected to grow by 8 to 10 per cent in 2017-18.
Higher localisation by Original Equipment Manufacturers (OEM), higher component content per vehicle, and rising exports from India would be the key growth drivers for the industry which is projected to register a turnover of USD 100 billion by 2020. By 2026, exports of these products are likely to range between USD 80 to USD 100 billion.
The Indian Pavilion is being organised by the Engineering Export Promotion Council of India (EEPC India), the premier trade and investment promotion organisation in engineering sector sponsored by the Ministry of Commerce and Industry, in association with the Embassy of India in Cairo.
In auto-components sector, India is among the top six exporting countries to Egypt.
India exported more than USD 75 million worth of auto- component products to Egypt in 2016, constituting 7.5 per cent of the total imports of Egypt for the product.
"Our participation in the prestigious exposition would further cement India's ties with Egypt and the entire North Africa," said Bhaskar Sarkar, Executive Director and Secretary, EEPC India.
The Autotech 2017 in its 24th edition is expected to attract over 300 exhibition brands and 5000 visitors even as six new Product Sectors are added to the largest and most comprehensive trade show for the auto aftermarket industry.
It provides the platform to connect with top decision makers specialised in automobile spare parts, accessories, motorcar workshops, service station equipment and feeding industries.
Egypt has traditionally been one of India's most important trading partners in the African continent.
During the year 2016-17, bilateral trade between India and Egypt was to the tune of USD 3.23 billion.
India is Egypt's 10th largest export destination and also the 10th largest import source.
The governments and the business communities in India and Egypt are working closely to promote the dynamism in bilateral economic relations.
The participation by EEPC India delegation in Autotech 2017 is part of the embassy's efforts to expand bilateral commercial and economic relations in general and machine tools sectors in particular.
Source: moneycontrol.com