Cooperation in the textiles sector between India and the Central Asian Republic of Kyrgyzstan is set to receive a boost. A Memorandum of Understanding (MoU) has been signed between India and Kyrgyzstan.
The MoU seeks to strengthen bilateral cooperation in the following three fields :
- Textiles and Clothing;
- Silk and Sericulture, and
The MoU aims to achieve this via :
- Cooperation in development of trade, economic and investment relations
- Techno-commercial collaboration, joint trade missions
- Stimulation of investment cooperation, such as joint ventures, industrial cooperation, marketing, leasing and management
- Mutual assistance in R&D, technical collaboration in product development and manufacturing, testing and certification
- Mutual assistance in skill development, training and retraining of personnel, carrying out of joint scientific, industrial and other meetings and exchanges
- Cooperation in export promotion
- Facilitating of participation of business delegations, exhibitors and buyers of each other in the trade exhibitions, buyers sellers meets, business forums
- Mutual assistance in organizing visits of technical experts, specialists and scientists
The two countries have agreed to set up a Joint Working Group (JWG) to explore details of cooperation within the scope of the MoU and the steps required to facilitate bilateral trade and investment. The JWG will be co- chaired by an official of appropriate level from the Ministry of Energy and Industry of the Kyrgyz Republic and the Ministry of Textiles of the Republic of India.
The Textiles Minister assured the visiting Minister of India’s cooperation in strengthening the relationship between the two countries.
The Energy and Industry Minister of Kyrgyzstan highlighted that out of India’s total exports to his country, 50% are from the textiles sector itself. The Kyrgyzstan Minister was of the hope that the share of textiles in India’s export basket will increase. He hoped that the trade volume between the two countries becomes US $ 2.5 billion, from the current US $ 25 million.