"Big Boost for Ayush market", Over Rs 590 crores trade interest generated at '1st SCO Conference' on Traditional Medicine, Health News, ET HealthWorld
Traditional Medicine
' came to a successful end as it created a platform for buyers and sellers from different countries to explore trade potential to serve the needs of the people an official release stated upon the completion of the four days expo on Sunday.
It further detailed the incremental trade interest of over Rs 590 crores generated during the first two days of intense meetings among buyers and sellers at the conference. This first-of-its-kind conference & Expo under the SCO initiative was inaugurated by the Union Minister of Ayush and Ports, Shipping & Waterways Sarbananda Sonowal on 2nd March 2023 at Guwahati, Assam. More than 150 delegates from 17 countries attended the two-day conference and four-day Expo.
Addressing the occasion, Union Minister of AYUSH Sarbananda Sonowal said, "It is a moment of great realization that this wonderful initiative has borne fruit with trade interest of more than Rs590 crores generated during the event. While this marks the immediate success of the Expo, the conference also laid the foundation for further interaction & expansion of cooperation among the states under the SCO initiative. I must thank PM Narendra Modi at this point as his vision brought this concept of expanding the horizon of traditional medicine among the member states of SCO, leading to the event's successful hosting. While the scope of trade in the Ayush market remains buoyant, the event helped expand its horizon to a wider international audience with a noble aim to provide an enriched quality of life with the help of traditional medicine. This is a huge shot in the arm for the Indian Ayush market as this event provided the platform to further the trade potential among the SCO member states for improving the quality of lives of people."
Held under the aegis of the Ministry of AYUSH, Under the aegis of the Ministry of Ayush, Invest India conducted B2B meetings in a dedicated B2B lounge at the event with the support of Ayushexcil (Ayush Export Promotion Council). More than 56 exhibitors - who participated in the Expo - and buyers from 19 countries discussed and expressed their interest in trade in traditional medicine.
Over 75 meetings took place on Day 2 of the event, where participants from India, Tajikistan, Armenia, Uzbekistan, Mongolia, Kazakhstan, Bahrain & Sri Lanka engaged. The trade interest of Rs590 crores was received in the B2B meetings from companies like Damaira Pharma, AIMIL Global, Herbal Strategi Homecare, Almaty, Dindayal Industries, Fidalgo Healthcare, and many more. The trade interest was received across product categories like Ayurvedic gels & oils, capsules, Ayurvedic hair remedy products, nutraceuticals, Ayurvedic home care, and Hygiene & Veterinary products. The industry received as many as 9 Letters of Intent (LOIs).
The PIB release further stated that the conference and Exo provided an opportunity for regulators, industries, and business leaders in all the SCO and partner countries to deliberate on various aspects of Traditional Medicine, such as products, services, education, skill development, cosmetics, and Policies.
The discussion aimed at understanding trade patterns and market scenarios from Pharma & drug manufacturers' points of view. It was expected that the showcase of products of native importance & popularity, opportunity for trade, and discussion on innovation would foster an environment for deeper cooperation and economic partnerships with broader market access among the SCO countries.
Notably, India assumed the Presidency of the SCO Council of Heads of State for the year 2023 on September 17 at Samarkand in Uzbekistan. Indian PM Narendra Modi at the SCO summit at Samarkand remarked that India would take the initiative for a new SCO Expert Working Group on Traditional Medicine.
Over to that the release further detailed that the Ministry of Ayush has been working on various initiatives under the SCO mandate. Earlier, in February this year, a virtual conference of experts and practitioners of traditional medicine was held where members from 25 countries participated.
The Shanghai Cooperation Organization (SCO), or Shanghai Pact, is a Eurasian political, economic, and security alliance of an eight-member multilateral organization, established on June 15, 2001, in Shanghai, China. SCO includes 8 member states, 3 observers, and 14 dialogue partner countries. India was granted Observer status at the July 2005 Astana Summit and the status of a full member 12 years later on June 9, 2017, at the SCO Summit in Astana, Kazakhstan.
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Monday, March 6, 2023 at 10:32 am