While speaking at the 2nd India-Korea Business Summit 2018, Dr Anant Kumar Singh, Secretary, Ministry of Textiles, Government of India said, “For scaling up this special strategic relationship, it is crucial that we actively identify and leverage the synergies and complementarities that exist between the two of us." Inviting Korean companies to invest in India, he said that India has 66 textile parks with suitable infrastructure. The Summit was organised by the Confederation of Indian Industry (CII) and Chosun Ilbo in cooperation with the Department of Industrial Policy and Promotion (DIPP, Ministry of Commerce and Industry, Government of India,
“Economic co-operation is becoming important for every bilateral relationship and our bilateral trade has been increasing since Prime Minister Modi visited Korea in May 2015,” said Mr Lim Janggyoo, Vice President, Hyosung Corporation India Pvt Ltd. The Make in India initiative of the Government has been very encouraging and investment-wise India is one of the strongest economies in Asia currently, he said. “Both Governments are committed to increasing the bilateral trade,” he reiterated.
While talking about the textile parks in India, Mr RCM Reddy, CEO, IL&FS, said that the textile parks in India are not only creating sustainable value chains but also giving the benefit of the economies of scale. Listing some of the opportunities that the Korean companies can take advantage of, he invited Korean companies to participate in large scale manufacturing in India.
Dr Ketankumar Vadodaria, Head - Centre of Excellence for Medical Textile, The South India Textile Research Association (SITRA), while talking about the growing market for technical textiles, listed opportunities for investments for the Korean companies which included manufacturing of technical textile products like diapers, wet wipes, protective clothing etc. “India is importing 70 to 80% of these kinds of products so there is an opportunity for the Korean textile machinery producing companies to set up manufacturing bases in India,” he said. Some of the other technical textile segments where he said Indian-Korean companies can collaborate are: coated and laminated fabrics, agro textiles, sports textiles etc.
Other speakers during the panel discussion on investment opportunities and infrastructure available for Korean Textile companies included Mr Sunil Porwal, Additional Chief Secretary, Industry, Government of Maharashtra; Mr Jayesh Rajan, Principal Secretary, Department of Industries & Commerce, Government of Telangana; Ms Mamta Verma, Industries Commissioner, Government of Gujarat; and Mr Pratik Bachkaniwala, Vice Chairman, Textile Machinery Manufacturers' Association (TMMA).
27 February 2018