Indian Apparel Industry To Increase Exports To Russia.

The seven -member delegation from AEPC was currently on its visit to Russia to explore trade avenues with the Russian Textile Industry.

Indian apparel industry is expanding its global business boundaries. Taking the initiative forward, the Apparel Export Promotion Council (AEPC) of India recently signed a Memorandum of Understanding (MoU) with the Russian Union of Entrepreneurs of Textiles and Light Industry at the Embassy of India in Moscow.
 
Mr Premal Udani, Chairman of AEPC signed the MoU with Mr Boris Fomin, President of the Russian Union of Entrepreneurs of Textiles and Light Industry in Moscow. Also present on the occasion was H.E Ajai Malhotra, Indian Ambassador to Russia.  The seven -member delegation from AEPC was currently on its visit to Russia to explore trade avenues with the Russian Textile Industry.
 
This MoU with Russian textile entrepreneurs is a step towards developing bilateral cooperation in the textile and clothing industries. It is further expected to boost up textile and clothing trade between India and Russia.

The bilateral cooperation will seek investment generation to promote textile manufacturing in India and Russia. The MoU will also aim at promoting textile trade, transfer of technology & know-how in textile manufacturing and processing. The cooperation pact will also allow both the counterparts of Indian and Russian textile industry to participate in each other’s fairs and exhibitions. A four-member Textile Communication Committee has been set up to monitor and follow-up on the decisions.
 
Speaking on the occasion, said H.E Ajai Malhotra, Indian Ambassador to Russia, “This MoU formalizes a mutual desire between Indian and Russian business partners to boost trade and investment cooperation in apparel and textiles”. He further pointed out that the Indian apparel industry was well-known worldwide for the high quality and price competitiveness of its products.
 
The Indian companies, in 2010, exported about USD 120 million worth of garments to Russia, which constituted about 2 per cent of Russia’s garment imports. The export opportunity to Russia is quite visible from the fact that India registered about USD 11 billion worth of exports to the developed world in 2010.
 
Expressing deep satisfaction over the signing of the MoU, Premal Udani, Chairman of AEPC said, “This MoU will start a new era of mutual partnership between the garment manufacturers of India and Russia. We want to become a prime exporter of garments to Russia and AEPC will encourage its members to consider Russian market as the premier market for garment exports.”
 
As a result of the MoU, many Russian textile/apparel companies will participate in the India International Garments Fair to be held in New Delhi from 12 – 14 July, 2011. Also, major Indian apparel exporters will attend the CPM (Collection Premier Moscow) Garments Fair in Moscow during September 5-8, 2011.
 
The seven member APEC delegation from India was in Russia from June 19-24, 2011 were Premal Udani, Chairman of AEPC, Ashok G Rajani, Chairman (Export Promotion Committee) and Vimal Kirti Singh, Secretary General of AEPC, H.K.L Maggu (EC Member), Virender Uppal (EC Member), Ashok Gulati (EC Member) and Mr Lalit Gulati (EC Member).

Source : indiainfoline.com