Event report
Cross-Chamber Session on Readjustment of Sourcing Strategies to address Geopolitical Instability
The French Chambers of Commerce in Hong Kong, Singapore, Vietnam and India, organised a Cross-Chamber Session on Readjustment of Sourcing Strategies.
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The French Chambers of Commerce in Hong Kong, Singapore, Vietnam and India, jointly organised a Cross-Chamber Session on Readjustment of Sourcing Strategies to address Geopolitical Instability on 9th June 2023 in a virtual format.
The Session started with a round of introduction by all the participating chambers and its members. Each Chamber introduced their Committees focusing on sourcing, retail and supply chain.
The Interactive Session focused on the recent changes in sourcing strategies, redirection of sourcing, winners and losers of adjustments, the specifics of each industry, new environmental laws taking effect in the EU and France, AGEC, the Carbon Border Adjustment Mechanism, and deforestation.
During the discussion, the participants highlighted various challenges faced on the sourcing and supply chain front because of the global socio-political unrest. Member companies of IFCCI expressed their opinions on the impact of the changing political environment on sourcing. Ms. Sannutha Sadashiva, Procurement Planning Manager, Decathlon talked about how sourcing textiles and localising the finished goods and components is easier in India, though constraints still seem to exist for hard goods. Ms. Caroline JOIRE, Country Leader - India, Kiabi expressed their view on the decrease in quantities sourced from the US market. They highlighted that there's a shift from the US market to India for sourcing. Mr. Saurav Sinha, Market Leader, Food, CIF, South Asia Region, Bureau Veritas mentioned about the Make in India policy, and the push towards the Indian market from China market. Capt. Ram Iyer, Vice President (Operations), Seahorse Shipping Agencies Pvt. Ltd., talked about the rising trade and commerce between Vietnam and India in the last few years.
Ms. Payal S. Kanwar, Director General of the IFCCI, shared her views on the strong push made by the Indian Government to promote manufacturing with PLI (Production Linked Incentive) Schemes in India and that increased sourcing and manufacturing will follow in an effort for India to become a powerful manufacturing hub for the world.
The Session witnessed participation of companies namely Kiabi, Decathlon, Seahorse Shipping Agencies Pvt. Ltd, Bureau Veritas, Sonepar, Group Royer, Provera, Seb Asia, EASTWISE Sourcing & Procurement, Aigle, Oqido, Plicosa, BNP Paribas, Danone, Imerys, Schneider Electric to name a few.
