FIEO President inaugurates 2nd Edition of International Hardware Fair 2024

The inauguration ceremony was attended by distinguished dignitaries, including MrAshwani Kumar, President, FIEO; Dr Ajay Sahai, DG & CEO, FIEO; MrMilind Dixit, MD, Koelnmesse India; Mr Oliver Frese, Chief Operating Officer, Koelnmesse GmbH; Mr Sebastian Rosito, Vice President, Trade Fair Management, Koelnmesse GmbH; Mr S C Ralhan, Past President, FIEO along with other key dignitaries from prominent associations and Industry. 

MrAshwani Kumar, President, FIEO addressing the gathering at the inaugural, expressed his immense pleasure in welcoming all dignitaries and participants to the 2nd edition of the International Hardware Fair 2024. He highlighted the significance of the event in aligning with India’s vision of becoming a global manufacturing hub, as envisaged by Hon’ble Prime Minister, Shri Narendra Modi. He emphasised that the hardware sector plays a vital role in industries such as manufacturing, construction and technology. India’s competitive edge, innovation and cost-effectiveness have positioned it as a key player in the global hardware market, particularly in machinery, electrical and electronic equipment.

Dr Ajay Sahai, DG & CEO, FIEO in his address, praised Koelnmesse’s efforts, he noted that it has gained significant strength over the last 50 years. Reflecting on the positive response, DrSahai stated that FIEO would scale up its efforts in the future, aiming to bring in more buyers during the upcoming editions. He further highlighted that India’s exports of goods and services have risen by compounded growth of 8% over the past five years, from USD 478 billion to USD 778 billion. He expressed confidence that Indian’s vision to reach USD 2 trillion by 2030, driven by a compound annual growth rate (CAGR) of 14% is challenging, but within reach. He also pointed out that India is excelling in knowledge and innovation-driven sectors. With government initiatives such as the Production-Linked Incentive (PLI) scheme, he emphasized that India’s exports would continue to grow while imports would be compressed.

Further highlighting the compound annual growth rate (CAGR) of key hardware products from 2019 to 2023, DrSahai pointed to the encouraging trend of India’s exports outpacing global imports. During this period, while global imports of machinery items grew at a 6% CAGR, India’s exports surged by 11%. Specifically, in the electronics sector, while global imports grew by 6%, India’s exports expanded by 25%. For hand tools, global imports increased by 4%, while India’s exports grew by 7%. In the broader electronics category, global imports grew by 6%, with India’s exports rising by 9%. Additionally, in medical and diagnostic equipment, global imports grew by 6%, while India’s exports grew by an impressive 13%. This demonstrates India’s growing competitiveness in these critical sectors. 

Mr Oliver Frese, Chief Operating Officer, Koelnmesse GmbH in his address, highlighted India’s growing economic significance and its potential to drive the future of the global hardware industry. MrFrese emphasized the importance of India as a key market, noting the country’s rapidly expanding economy and how this growth will positively impact the hardware sector. Acknowledging the collaborative efforts of FIEO, MrFrese expressed his gratitude for organizing the Reverse Buyer-Seller Meet by FIEO, which offers a valuable platform for Indian suppliers to connect with global buyers. He stressed that such initiatives are crucial for fostering partnerships, promoting innovation and shaping the future of the hardware industry. 

MrMilind Dixit, Managing Director, Koelnmesse India Pvt Ltd in his closing address, highlighted that this year’s edition has grown significantly, with a 15 percent increase in both exhibition space and company participation. He credited this success to the unwavering support of the Federation of Indian Export Organisations (FIEO) and expressed gratitude to the Ministry of Micro, Small and Medium Enterprises (MSME) for providing financial assistance to micro and small exhibitors, enabling them to showcase their products.Mr Dixit also acknowledged the contributions from key associations viz. Hand Tools Association, Hardware Association of Jamnagar, Fasteners Association and the Indian Industries Association.

The 2nd edition of International Hardware Fair 2024, is being organised by Koelnmessee in association with FIEO, features around 200 Indian companies and is expected to attract a footfall of over 10,000 visitors with foreign delegation coming from over 20+ countries across Middles East, CIS, LAC, ASEAN, AFRICA amongst others.