India, Russia sign MoU to boost apparel, textile industries
24 Jun '11
2 min read
On June 21, 2011, the Apparel Export Promotion Council (AEPC) of India signed a Memorandum of Understanding with the Russian Union of Entrepreneurs of Textiles and Light Industry at the Embassy of India, Moscow.
The MOU was signed by Mr. Premal Udani, Chairman of APEC, from the Indian side, and by Mr. Boris Fomin, President of the Russian Union of Entrepreneurs of Textiles and Light Industry, from the Russian side, in the presence of the Indian Ambassador to Russia, HE Mr. Ajai Malhotra.
The MoU aims to develop bilateral cooperation in the textile and clothing industries. This would be undertaken mainly in the field of investment generation in promotion of textile manufacturing in India and Russia, promotion of textile trade, participation in each others fairs and exhibitions, transfer of technology and exchange of know-how in textile manufacturing and processing. The MOU establishes a four member Textile Communication Committee to follow-up on its decisions.
Speaking on the occasion, Ambassador Ajai Malhotra expressed deep satisfaction on the signing of the MOU, noting that “it formalizes a mutual desire between Indian and Russian business partners to boost trade and investment cooperation in apparel and textiles”.
He pointed out that the Indian apparel industry was well-known worldwide for the high quality and price competitiveness of its products. It annually undertook US$ 11 billion worth of exports, primarily to the developed world. As Indian companies only exported about $120 million worth of garments to Russia in 2010, which constituted 2% of Russia's garment imports. Ambassador Malhotra stressed that there was immense scope to enhance Indian garment exports to Russia.
“The signing of the MOU and understandings reached here between the partners imply that this figure would be enhanced several fold in the years ahead”, he emphasised.
Ambassador Malhotra expressed pleasure that, as a result of the MOU, many Russian textile/apparel companies would participate in the India International Garments Fair to be held in New Delhi from 12-14 July 2011, as guests of AEPC; in turn, several major Indian apparel exporters will attend the CPM (Collection PPremiere Moscow) garments fair in Moscow from September 5-8, 2011.
The seven member APEC delegation from India will be in Russia from June 19-24, 2011, and includes Mr. Ashok G. Rajani, Chairman (Export Promotion Committee), and APEC Secretary General Mr. V.K. Singh.
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