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AEPC plans to attract FDI into apparel industry

09
Oct '09
Apparel Export Promotion Council (AEPC) which functions under the Union Ministry of Textiles plans to attract Foreign Direct Investments (FDI) under a slogan, "come, invest, produce and sell in India", which was coined by the Textile Minister, Mr. Dayanidhi Maran.

The Ministry will attract FDI in country's apparel segment by offering favorable environment for manufacturing and promoting the domestic market along with which, India needs substantial investments to remain viable in the export market, said Mr. Vimal Kirti Singh, General Secretary AEPC.

The Ministry has framed out a strategy to take delegations led by the Textile Minister to various countries, in a bid to woo FDI into India. In first phase starting from October 24 of the current year, the delegation will visit Switzerland, Italy and Istanbul, while in second phase it will visit France, Germany and US.

Mr. Singh pointed that India currently holds a global market share of 2.6 percent, against the 3.2 percent in the pre-quota regime in 2005 and now in order to maintain the same share of 3 percent, country needs to grow its apparel exports from US $10.14 billion to US $18 billion by the year 2015.

To widen the textile segment, country has to boost the capacity along the entire production chain including the activities such as spinning, weaving, processing and garmenting. As well as for having competitive stand in global market the country has to diversify its products and the market, and needs to bring innovations into it, said Mr. Singh.

The Knitwear Technology Mission would prove to be helpful to source the latest technology, whereas its work in research and development in manmade fibres will assist to develop new products, other than cotton garments, he added.

The Knitwear Technology Mission would also help exporters in Tirupur to fulfill year around, the global requirements as, in the case of cotton apparels, it was possible to do business for only three months in a year, said Mr. A Sakthivel, President, Tirupur Exporters' Association.




Fibre2fashion News Desk - India


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