India has huge potential to act as a reliable sourcing partner for ASEAN

India has enormous potential to act as a reliable soucing partner for ASEAN, said Union Textile Minister Smriti Irani addressing the ‘Conference on ASEAN India Cooperation’ on the third day of the Textiles India 2017 Summit.

She said that there are huge opportunities for collaboration between India and ASEAN in capacity building, sharing of knowledge and technology, and mutual assistance in education, research and development.

As India is the largest producer of cotton and jute and the second largest producer of man-made fibre, and enhancing digital and infrastructure connectivity with ASEAN countries is a major priority for India.

Elaborating on the existing trade relations with ASEAN, Irani said that in 2016 India’s export in textiles and apparels to ASEAN was USD 1203 million.

Export of textiles and apparels to ASEAN comprises 3 percent of India’s total export to the world.

U Khin Maung Cho, Minister of Industry, Government of Myanmar, outlined the opportunities in textile and apparel sector in Myanmar, offering huge opportunities for Indian business.

Nine Union ministers shared their thoughts on strategies to transform the country’s textile sector at Textiles India 2017.

According to Commerce and Industry Minister Nirmala Sitharaman, the industry needs to tap opportunities in both domestic as well as international markets.