Press Release- Seminar on “Investing in India’s Textile Sector”
The Embassy of India and the Consulate General of India in Shanghai, in association with the China National Textiles and Apparel Council (CNTAC) and the Cotton Textiles Export Promotion Council of India (TEXPROCIL), held a half-day seminar on “Investing in India’s Textile Sector” today in Shanghai.
Ambassador Ashok K Kantha delivered the keynote speech that highlighted the potential for expanding and diversifying textile cooperation between the two countries based on the sound foundation of bilateral textile trade turnover of more than US$ 8 billion in2013. He referred to the potential catalytic role of textile sector in revitalizing bilateral trade to address the overall problem of India-China trade imbalance. Ambassador Kantha invited Chinese textile companies to consider investing in India which has several advantages to offer including a conducive policy framework, competitive and skilled labour, proximity to raw material, and a large and growing market. In this context, he emphasized investment in India’s existing Textile Parks or setting up new industrial parks, as both India and China promote cluster-type development of enterprises.
Vice President of CNTAC Mr. Zhang Yankai addressed the participants and referred to the vibrant cooperation in the textile sector and the opportunities to further strengthen it, including through investment by Chinese companies in India.
Mr. Manickam Ramaswami, Chairperson of TEXPROCIL, amplified on the specific value proposition offered by India in his detailed presentation. He encouraged Chinese investors to take advantage of the projected growth of Indian textile industry to US$ 220 billion by 2020, which will generate an additional investment requirement in the region of US$ 68 billion across the textile supply chain.
Close to 80 participants drawn from Chinese textile manufacturers and potential investors in and around Shanghai,Jiangsu and Zhejiang attended the event. The seminar coincided with the participation of 60 Indian companies in the Inter textile Exhibition in Shanghai from 3-5 March 2014, under the aegis of TEXPROCIL. The seminar was the mainevent in a day full of activities to mark India Day at the Inter-textile Exhibition.
The seminar was followed by a Buyer-Seller meeting in the afternoon and a colourful cultural programme in the evening for which a dance troupe specially brought in from India performed Indian dance to the delight of more than 350 audience members.
4th March 2014