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Textiles ministry to look for investors in Europe, US

Textiles ministry to look for investors in Europe, US
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First Published: Wed, Sep 10 2008. 06 30 PM IST
Updated: Wed, Sep 10 2008. 06 30 PM IST
New Delhi: The textiles ministry has laid out an ambitious plan to attract foreign direct investment, or FDI, especially from Europe and the US, into the largely decentralized $52 billion industry.
The foreign direct investment, or FDI, inflow into the sector constituted a mere 0.76%, or $185 million, of the total $24,575 million in 2007-2008.
The ministry’s so-called Board of Promotion for FDI in Textiles plans to pursue potential investors in several technologically advanced textile nations such as Germany, France and the US, said a ministry official, asking not to be named.
The board will also tap Taiwan for technologies to make synthetic fibres, he added.
Some Rs14 crore will be spent in the next three years to identify companies who could be potential investors and select special product categories to move up the value chain, he added. Besides, a textiles consultant will be appointment for this purpose.
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First Published: Wed, Sep 10 2008. 06 30 PM IST