Textiles Minister looks to ally with Bangladesh to capture global apparel import market
Union Textiles Minister Smriti Zubin Irani has asked Bangladesh to scrap its apparel import duties for India and join forces, to capture the global textiles market and overtake China.
On September 30, Irani said that, if India and Bangladesh work together, they can capture 35% of the international textiles market in the coming five years, and replace China as market leader, ET Bureau reported.
Irani was speaking at a Confederation of Indian Industry event and told the audience that the Textiles Ministry is also working to address logistics challenges at its borders, which are affecting apparel trade.
Textiles Secretary, Ravi Capoor, mirrored Irani’s sentiments.
“Together we can aspire to replace China as 35% of the global market supplier but if we work in silos and against each other, somebody else will take advantage,” said Capoor. “Together our vision should be to capture 35% of global market in the next five years.”
Capoor has invited a delegation from Bangladesh to India with a proposed Memorandum of Understanding to export Indian cotton to Bangladesh, to help the Bangladeshi spinning industry.
Capoor posited that India would focus on supplying raw materials to Bangladesh and Bangladesh would turn these materials into garments, calling this a, “very very workable model.”
Capoor stressed closer cultural ties between the two nations than with China, as another reason to pursue a strategic partnership. The Indian government has run a number of campaigns urging people to buy Indian-made goods over Chinese products, and is also working to reduce its trade deficit with China.
Copyright © 2021 FashionNetwork.com All rights reserved.