India Russia Signs Agreement To Promote Garment And Textile Industry

India and Russia have signed an agreement to promote investment and trade between the two textile industries.

On Tuesday, the India Garment Export Promotion Council (AEPC) signed a contract with the Russian textile and light industry entrepreneurs' Union.

The memorandum also provides technical know-how for promoting textile trade, attending trade fairs and exhibitions, promoting technology pfer, and exchanging textile production and processing.

Malhotra, Ambassador of India to Russia, said that the memorandum of understanding urged India and Russia's business partners to jointly wish to be formalized, and will promote trade between the two sides in the field of clothing and textiles.

He said that India's apparel industry is famous for its quality products and competitive prices, and exports $11 billion annually.

Malhotra said that India enterprises exported $120 million to Russian garments last year, accounting for only 2% of the Russian clothing import market.

He said India clothing has enormous room for Russian exports.

After signing the memorandum of understanding, many Russian textile / clothing companies will attend the India International Clothing Fair in New Delhi on July 12th AEPC, as a guest of the AEPC.

In turn, several major India clothing exporters will attend Moscow in Moscow on September 5, 2011 -8.