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Indian firms can invest in UK textile sector: Vince Cable
Dec '13
Indian companies can invest in the textile sector in the United Kingdom, Vince Cable, the visiting UK’s Secretary of State for Business, Innovation and Skills, told media persons after attending an event in Coimbatore.
Mr. Cable, who is on a 4-day visit to India, said the UK Government is encouraging the revival of the textile sector in the country, and Indian firms can also invest in the sector.
He said the UK Government is encouraging investment from other countries in the textile sector to boost domestic production, and is developing skills in areas like hosiery and textile processing.
He explained that the textile industry had virtually closed and there were hardly any mills that were operating in the UK, but that is changing now.
He informed that they are beginning to get high-quality wool weaving in Yorkshire and cotton and man-made fabric as well garment making in Lancashire.
Moreover, the UK Government is drafting a scheme for the revival of the textile industry, which would particularly address training and supply chain finance, Mr. Cable said.
Talking about India-UK bilateral trade, Mr. Cable said the trade volumes are likely to double by 2015 compared to 2010, growing at an annual rate of 15-20 percent.

Fibre2fashion News Desk - India

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