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Azerbaijan seeks Indian investment in textile sector
29
Jul '11
“India has rich experience in textiles, an area which has recently started developing in Azerbaijan. Hence, we would like to attract investment from India in this sector,” said Huseyn Pashayev, Deputy Head, Department of Business Development Policy, Azerbaijan's Ministry of Economic Development, while addressing a Business Forum 'Investments & Doing Business in India' in Baku.

Debnat Shaw, India's Ambassador to Azerbaijan responded by saying that his country would like to increase exports of traditional Indian items, including clothing. He added that Indian exports of finished products and engineering goods to Azerbaijan have risen recently and the country looks forward to enhanced economic cooperation between both the countries, with Indian entrepreneurs investing in Azerbaijan and vice versa.

Cotton is grown in Azerbaijan, but most of it is exported due to unavailability of textile manufacturing units in the country. In 2010, the country exported 3,738.2 tons of cotton worth US$ 5.249 million, which was a mere 0.02 percent of the country's total exports of US$ 21.32 billion.

The export of cotton fibre during the January-June period in the current year grew by 93.42 percent to US$ 4.34 million, as against its exports of US$ 2.245 million during the corresponding period of 2010.

Fibre2fashion News Desk - India


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