India and Russia have signed a pact to boost investment and trade in textile industries in both the countries.
A memorandum of understanding (MoU) was signed here on Tuesday by the Apparel Export Promotion Council of India (AEPC) and Russian Union of Entrepreneurs of Textiles and Light Industry.
The MoU also stipulates the promotion of textile trade, participation in fairs and exhibitions, transfer of technology and exchange of know-how in textile manufacturing and processing.
A four member Textile Communication Committee, consisting of members from both the countries, is to be set up to follow up on its decisions.
India’s Ambassador to Russia Ajai Malhotra said the MoU formalises a mutual desire between Indian and Russian business partners to boost trade and investment cooperation in apparel and textiles.
He said the Indian apparel industry was famous worldwide for high quality and price competitiveness of its products, and annually exports $11 billion worth of goods.
Malhotra said that Indian companies last year exported about $120 million worth of garments to Russia, which was only 2 percent of Russian garment imports. He said there was huge scope to increase Indian garment exports to this country.
“The signing of the MOU and understandings reached here between the partners imply that this figure would be enhanced several folds in the years ahead,” the ambassador was quoted as saying in an e-mailed Embassy press-release.
Post the MOU, many Russian textile/apparel companies would participate as guests of AEPC, in the India International Garments Fair in New Delhi, scheduled for July 12-14. In turn, several major Indian apparel exporters will attend the CPM (Collection Premiere Moscow) garments fair in Moscow from September 5-8, 2011.
The seven member APEC delegation, which completes its Russia visit tomorrow, includes Ashok G Rajani, Chairman (Export Promotion Committee) and APEC Secretary General VK Singh.