World Trade Expo 2024 to Feature 30+ Countries in Mumbai

The fifth edition of World Trade Expo, which is the flagship event of World Trade Center Mumbai and All India Association of Industries (AIAI), will be held from October 17 to October 18, 2024 at Arcade, Expo Center, WTC Mumbai and it will showcase 30 + countries and regions that will explore the untapped export potential to the tune of USD 117 billion.

H.E. Shri C.P. Radhakrishnan, Hon’ble Governor of Maharashtra has kindly consented to inaugurate the Expo as Chief Guest and deliver the Keynote Address, on the theme ‘Innovation for Sustainability with Focus on Green and Renewable Energy’ The Inaugural Session will also be addressed by Mr. Ajay Shankar, Former Secretary, DIPP, Govt. of India and Distinguished Fellow, The Energy and Resources Institute (TERI) on October 17, 2024.

It will be followed by another dedicated Session on “Green & Renewable Energy” and Shri. Hardeep Singh Puri, Hon’ble Minister for Petroleum & Natural Gas, Govt. of India has kindly agreed to be the Chief Guest and deliver the keynote address at 2 pm.

Ambassadors and Trade Missions from the participating countries and regions will showcase trade, investment, tourism, education and technology exchange potential in their countries. The event will host developed and developing countries from Americas, Europe, Africa and Asia. These countries collectively account for 28% of India’s total merchandise trade, 35% of its merchandise exports, and 24% of its imports. In FY24, India recorded a trade deficit of over USD 10 billion with them. They are the key suppliers of ores & minerals, semiconductors, other electronic spare parts, coal, and agro-commodities such as edible oils, which underscores their significance in India’s energy, mineral and food security.

India has USD 117 billion untapped export potential with the participating countries in sectors such as Textiles, Pharmaceuticals, Chemicals, Automobiles and components, Machineries etc. USA offers the maximum untapped export opportunity worth USD 46 billion in sectors such as Gems and Jewellery, Pharmaceuticals, Automobiles & components and Machineries. Diamond, agro-chemicals such as insecticides, iron & steel, jewellery and motor vehicles are some of the commodities with the highest export potential in most of these participating countries.  Country-wise export potential for India is given in the Annexure to this Press Note.

India has signed free trade agreements with many of these countries such as Malaysia, Sri Lanka, South Korea and Mauritius. Other participating countries such as Indonesia, Vietnam and Thailand are part of the 10-member ASEAN countries, with which India has a trade agreement. The Expo will also showcase trade and investment potential with Norway, a member of the European Free Trade Association (EFTA), with which India signed trade agreement this year. 

Some of the participating countries such as Vietnam, Malaysia and South Korea have potential to collaborate with India in strategic areas such as semiconductors and electronics.

Delegates can explore trade and investment opportunities with some of the emerging African economies such as Ghana, Ethiopia, Kenya, Uganda and South Africa that offer promising business potential in manufacturing, agriculture and services sectors.

There will be a special Roundtable with African Diplomats from Zimbabwe, Uganda, Ghana, Egypt, Ethiopia and South Africa to discuss new vistas of cooperation in areas such as food security, energy security, sustainable development, space science, digital economy, education, skill development and so on. The Roundtable will also discuss how Indian industry can benefit from the African Continental Free Trade Area (AfCFTA).

Speaking about the significance of World Trade Expo, Dr. Vijay Kalantri, Chairman, WTC Mumbai and President- All India Association of Industries (AIAI) pointed out, “At a time when India’s merchandise exports have been falling consecutively for the last two months due to disruption in global trading routes, this Expo will be a promising platform for Indian MSMEs, startups and large companies to explore alternative markets for trade and investment. Alongside trade and investment, the Expo will also discuss collaboration with the participating countries in emerging areas such as green energy, gender equality, skill development, climate-smart technologies, capacity building of MSMEs and start-ups.”

After rising consecutively for three months since April, India’s merchandise exports declined 1.8% in July and 9.3% in August this year because of geopolitical tensions, disruption in global trading routes and rising freight charges. 

Highlighting the key outcome of the World Trade Expo, Ms. Rupa Naik, Executive Director, WTC Mumbai pointed out, “We have received overwhelming response from developing and developed countries who are looking at India to diversify their trade and investment. With around 30 prominent countries participating in this Expo, I am confident that this will open new market opportunities for our MSMEs, women entrepreneurs, startups and even large corporates.”

The two-day Expo will have Exhibition, high impact Country Presentations, African Ambassadors’ Roundtable, B2B & B2G networking sessions and Cultural Programmes.