Home / Knowledge / News / Textiles / Italy & India sign MoU to foster trade in textile & leather
Italy & India sign MoU to foster trade in textile & leather
Nov '11
The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma has expressed confidence that India and Italy will reach the target of Euro 15 bn. Speaking at Ministerial Forum: 'Indo-Italian Cooperation: Addressing Challenges, Strengthening Ties', Shri Sharma emphasized that Trade between our countries last year stood at US$ 8.50 billion and the data till August 2011 “shows an impressive growth and reflect optimism yet doesn't reflect our true potential which is far greater.” Mr. Paolo Romani, Minister for Economic Development, Italy also addressed the gathering.

Shri Sharma also informed that India allows 51 per cent FDI in single brand retail and government is considering the ways of raising this limit.

Shri Sharma said that the micro, small and medium enterprises sector is the backbone of Indian economy, contributing 8% of our gross domestic product, 45% of manufactured output and 40% of our exports.

“Earlier, the SME sector in India used to be protected and foreign investment was restricted in this sector, but recently we have liberalized this sector to enable its modernization and now the SME sector is open to foreign investment just like any other sector. We view SMEs as incubators of technology and innovation and would encourage cooperative partnerships to develop between Indian and Italian SMEs” he added.

Shri Sharma said that the Indian design industry is growing between 23 and 25 per cent every years, and the economic rise of India has created a strong consumption demand for various kinds of clothing, textiles, home furnishings, leather products, including footwear.

In particular, there is need designers in garment and leather – two areas where Italy is a global leader. It is a step in this direction that has prompted India and Italy to organise a leather fair in Milan in 2012, he said.

In the field of industrial design, National Institute of Design, Ahmedabad and Milan Polytechnic Consortium have signed an MoU for building synergies in design sensitization and capacity building. in May 2011 after Shri Sharma's visit to Milan.

An MoU was signed between the two countries which envisages that the India-Italy Business Forum will foster cooperation between the two countries in sectors such as automotive, infrastructure, agro-food and agro-industry, textile and leather, pharmaceuticals, design, tourism, manufacturing, ICT and higher education. It will also actively seek to promote business interactions between SMEs of both countries.

Ministry of Commerce & Industry

Must ReadView All

Textiles | On 20th Oct 2016

Indian polyester market demand grows 14% in Q2 FY17: RIL

The Indian polyester market witnessed a demand growth of 14 per cent...

Fashion | On 20th Oct 2016

Replay to explore new markets in 2017

Replay, the iconic Germany based denim brand, is planning to get into ...

Textiles | On 20th Oct 2016

Pakistan proposes Rs200 bn for textile sector revival

A bailout package of Rs 200 billion has been proposed by the Pakistan ...

Interviews View All

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search