EPCH WELCOMES MAJOR USA’s HANDICRAFTS BUYING COMPANY TO FORM JOINT VENTURE WITH VASU INDIA. @epchindia
EPCH is delighted to welcome a major USA’s Buying Account to India signed here on 24th March, 2017 between Currey of USA and Vasu India said Mr. Rakesh Kumar, ED, EPCH & President of Buying Agents Association of India.
Due to high purchasing power of Indian population and overall changing scenario in the country in the field of digitalization, Make in India initiative, low labour salaries in comparison to other countries, India has become most favoured Nation for multinational companies of different developed countries. These companies are now interested to come and invest in India.
Handicrafts sector is the second largest employment generative sector after agriculture. More than 70 lakhs artisans and craftpersons, small and tiny entrepreneurs are working in different craft clusters of India. While all merchandise exports from the country is in negative territory for the last many months, the handicrafts export has faced no impact due to strategy of the Council by targeting new and emerging markets of Latin America, CIS Countries, ASEAN and middle east for by inviting more and more buyers from these unexplored countries but also participating in International shows/BSMs being organised in these countries.
The handicrafts exports from April 16 to February, 2017 is Rs. 22,345.15 crore with overall increase of 13.40% in rupee terms and 10.27% in dollars terms over the last year informed Rakesh Kumar, ED – EPCH.
Looking at the changing scenario in India and excellent growth of Handicrafts sector, M/s Currey & Company of Atlanta, Georgia, USA which was formed in 1988 as a wholesale manufacturer of distinctive home furnishings products and known for lighting products such as chandeliers, wall sconces, table and floor lamps as well as interior furniture, garden furniture and accessories have decided to expand their business in India. M/s Currey & Company, USA has also been sourcing their requirement from IHGF-Delhi Fair for the last many years said Mr. Rakesh Kumar-ED EPCH and President of Buying Agents Association of India.
Shri Kumar further elaborated that Dr. P. Vasudevan, of India Merchandising Services[IMS], rendering specialised services to the overseas clients and whose tremendous exposure to Indian Handicrafts and Home textile Industry and his prolonged working association with US departmental stores has made him one of the pioneers in the industry. EPCH has also bestowed him with a Life Time Achievement award for his enormous contribution to the growth of Indian handicrafts sector. His flawless services for the last 24 years motivated M/s Currey & Company of Atlanta, USA to set a joint venture company with IMS. The name of joint venture company is given as Currey Vasu India Pvt. Ltd.
The inauguration of joint venture company Currey Vasu India Pvt. Ltd was held on 24th March, 2017 at Noida, Uttar Pradesh. Mr. Rakesh Kumar, ED – EPCH and President of Buying Agents Association and Mr. Robert Currey, Founder of Currey & Company of Atlanta lighted lamp. About 250 exporters from different part of India witnessed the ceremony.
Shri Rakesh Kumar further informed that this new company will engage in vigorous management of product development, purchases and fulfilling purchase orders obligations with Indian suppliers. This joint venture company will also oversee the strict management of quality standards and logistics from India. This will create great opportunities to increase Currey & Company level of business with Indian suppliers beside improving service and quality to US customers.
Exporting merchandise is a combersome process, this new venture will educate exporters to ship fault free handicrafts products on time with quality thereby earn faith of the importing countries in Indian handicrafted products. Mr. Kumar also emphacised that this is not going to be an easy venture but we are ready to take challenges to succeed in increase the business with the help and training of Currey & Co, USA. Business of 30 million USD per annum is expected to be transacted by the company.