Press Information Bureau: March 18, 2015
New Delhi: 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 today.
The MoU seeks to strengthen bilateral cooperation in the following three fields:
The MoU aims to achieve this via:
The MoU was signed by Shri Santosh Kumar Gangwar, Minister of State for Textiles (I/C), Government of India and Mr. Kubanychbek Turdubaev, Minister of Energy and Industry of Kyrgyzstan.
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.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.