FASTENER FAIR INDIA MUMBAI
Speaking of the “Indian impression”, we cannot help but immediately think of silhouettes of people in colorful sari, dangling bells and accessories, sandalwood aroma, and that mystical red spot on the forehead, all of which depict a picturesque image of this tropical nation of colors. According to statistics, until 2012 India owns the population of 1.2 billion people, only second to China. This means that the Indian market has an enormous amount of demand ready to boom.
During April 17th and 18th, Fastener Fair India 2013 Mumbai grandly opened in Bombay Exhibition Center. The fair is mainly attended by Indian exhibitors, with other foreign attendees from Italy, Germany, Taiwan, and China. This two-day event was lively with crowds of continuous visitors. As our correspondent probed in the fair, we were also unveiling the ever-changing face India.
As of now, the Indian fastener market is on an initial and gradual rise. The Indian automobile industry is booming with positive outlook. J.D. Power predicts that Indian auto sales will reach 9.3 million vehicles by 2020, which is double the current sales level. Due to the increase of disposable income in India, improved infrastructure, and more young generation becoming potential auto consumers, MG. Director of KADIMI INTERNATIONAL LTD. Mr. Rakesh Gupta told, “The future of Indian fastener market is looking good.”
India is the 26th largest export destination country of Taiwan. The export value from Taiwan to India in 2012 was USD 24 million, a YOY growth of 1.68%. In addition, India is a major import destination country of Europe and US. According to statistics, US imported approximately USD 91 million of screw products from India in 2012, becoming the 8th largest screw import country of India. The EU also imported from India by around 240 million euros in 2012. Now we have witnessed the strength of India, and it is foreseeable that the future auto boom will bring this country more business opportunities.
This time, Fastener World Inc. led seven Taiwanese corporations to the Indian fastener fair, including CHANNG CHIN INDUSTRY CORP., TORQUE-TECH PRECISION CO., LTD., MAUDLE INDUSTRIAL CO., LTD., WAN IUAN ENTERPRISE CO., LTD., PRO PATH INDUSTRIAL COMPANY, LTD., CHIEN TSAI MACHINERY ENTERPRISE CO., LTD., and SHEH KAI PRECISION CO., LTD., all of which expressed that the goal is to develop new market through this fair. They have already met new potential clients, and we are looking forward to the upcoming profitability.