The government of India and the Central Asian Republic of Kyrgyzstan have signed a memorandum of understanding (MoU) on cooperation in the textiles sector. The MoU seeks to strengthen bilateral cooperation in three fields: textiles and clothing, silk and sericulture, and fashion.
The MoU was signed by textiles minister, Santosh Kumar Gangwar and the visiting Kyrgyzstan’s minister of energy and industry, Kubanychbek Turdubaev in New Delhi.
The MoU aims at increasing cooperation in development of trade, economic and investment relations; techno-commercial collaboration, and joint trade missions; stimulation of investment cooperation, such as joint ventures, industrial cooperation, marketing, leasing and management; mutual assistance in R&D, technical collaboration in product development and manufacturing, testing and certification etc.
The MoU also envisages cooperation in export promotion, facilitating of participation of business delegations, exhibitors and buyers of each other in the trade exhibitions, buyers sellers meets, business forums and mutual assistance in organising visits of technical experts, specialists and scientists.
The two countries also 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 Indian ministry of textiles.
Gangwar assured the visiting Kyrgyz minister of India’s cooperation in strengthening the relationship between the two countries.
Textiles currently account for 50 per cent of India’s total exports to Kyrgyzstan. Turdubaev hoped that the share of textiles in India’s export basket will increase, and the trade volume between the two countries will increase to 2.5 billion US dollar.