Union Textiles Ministry Sets Up Taskforce To Woo Foreign Investments In Textiles

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Union Textiles Ministry Sets Up Taskforce To Woo Foreign Investments In Textiles

The Union Textiles Ministry has put in place a taskforce which in conjunction with the ministry officials and the captains of the industry will not only help attract foreign investors into the country but also ensure that these investors and their investments can be assured continued support.

The effort will eventually lead to creation of a conducive and attractive investment ecosystem in the domestic textile industry which in the past has not been able to attract investors' interest in a right magnitude. Experts are of the opinion that in the globally competitive environment, there is definitely need for such capital that can help bridge the gaps existing in the prevailing textile value chain.

Apart from capital infusion in the traditional areas, there is need for financial and intellectual capital in emerging areas like technical textiles and other R&D related areas "For the first time in the history of Indian textile ministry, we have managed to set up a taskforce where ministry officials and industry captains will work in tandem towards attracting and nurturing the interest of investors from overseas in textiles.

We have recently managed to put in place a programme designed by CII to attract foreign investments in the textile industry," said Union Textile Ministry Smriti Irani, whose ministry recently pulled off a very successful mega event, Textile India 2017, at Gandhinagar in Gujarat.

The event saw signing of 65 MoUs in the textiles sector. These MoUs were signed between various domestic and international organizations from the industry and government. Three of the MoUs signed were Government to Government (G2G) MoUs. The MoUs signed relate to exchange of information and documentation, research & development, commercialisation of handloom products and silk production, cooperation in geo textiles, skill development, supply of cotton and trade promotion with overseas partners, etc. The signatories to the MoUs included organisations from countries like China, Australia, Bangladesh, Sri Lanka and Japan.

So far as G2G MoUs are concerned, Central Silk Board signed MoU with Department of Agriculture of Gyangxi Zhuang autonomous region, People's Republic of China for development of improved silk worm breeds and mulberry varieties suitable to both the countries through exchange of sericulture genetic materials and other things. Similarly, DC (HL) under the ministry of textiles, intends to join hands with Department of Foreign Affairs & Grade, Government of Australia for a Australia-India textiles and fashion project.

National Institute of Fashion Technology (NIFT) has signed an MoU with Bangladesh University of Fashion & Technology to encourage academic cooperation between the two institutes & strengthen academic interventions. In other cases, Powerloom Export Development Council (PDEXCIL) and Sri Lanka Apparel Exporters; CITI International Textile Manufacturers’ Federation (ITMF); Cotton Textiles Export Promotion Council (TEXPROCIL) & China Cotton Textiles Association and SRETPC and Indian Chamber of Commerce & Culture, Slovakia have signed MoUs for exchange of information and trade promotion purposes.