MUMBAI: The East India Cotton Corporation (EICA) along with the UK-based cotton trade magazine Cotton Outlook is organising a two-day international cotton conference here in the city starting from 15th March, said Mr K.F. Jhunjhunwala, president, East India Cotton Association here on March 13.
The main aim of the event, which is to attend by over 500 delegates from 17 countries, including China and the US is to connect domestic manufacturers, exporters and importers
The president informed that India is gaining prominence in world cotton market and is expected to produce 27 million bales (of 170 kg each) against 24 million bales in 2005-06. Exports may jump to 5 million bales (of 170 kg each) in 2006-07 against 4.70 million bales in 2005-06 buoyed by a bumper cotton production estimate of 270 lakh bales for 2006-07 and increasing global demand.
Mr Ray Butler, Managing Director of Cotton Outlook added that the conference would be an ideal opportunity for exporters and importers to meet and take the trade forward as cotton yield has increased from 467 kg per hectare in 2005-06 to 500 kg per hectare in 2006-07.
The rising cotton production in the country and record cotton export last year, players dealing in the commodity are trying to get Indian cotton branded in the international market.
Although China is the largest producer of cotton in the world it is also the largest net importer as its cotton production is lagging behind consumption, but of geographical proximity, China will immensely benefit by importing larger quantities of Indian cotton, as the transportation costs are minimal.
On the other hand, India is the third largest cotton exporter after the US and Uzbekistan and the pace with which cotton production is going up, the will grab the second position in the near future.