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Germany & Italy- Targets for attracting FDI in textile sector

27
Feb '10
The Textile Ministry of India intends to focus more on countries such as Germany, Italy, Turkey and China for drawing Foreign Direct Investment (FDI). In the year 2008, the country received foreign investments of US $200 million.

The key objective of the Foreign Direct Investment scheme is to attract maximum possible FDI, focusing target countries like Germany, Italy, Turkey, China and Switzerland which are perceived among the most promising investor countries, according to a preliminary study, said the Minister of State for Textiles Ms. Panabakka Lakshmi.

She added that the Ministry is thinking over taking co-operation from overseas in textiles and clothing industry and join hands with probable target countries to mobilize FDI in the sector during the 11th Five-Year Plan.

The National Fibre Policy is currently being formulated which will facilitate steering different activities and schemes to achieve fixed targets of the industry, informed the Minster.

In order to maintain an 8 percent growth rate, the textile industry of the country needs an additional investment of $24 billion by the year 2015. This investment may include domestic investment of $18 billion and foreign investment of $ 6 billion, informed Mr. Dayanidhi Maran, Union Textiles Minister.

Fibre2fashion News Desk - India


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