Maran to visit Japan for promoting textiles industry

Textiles Minister Dayanidhi Maran will visit Japan on July 20 seeking foreign direct investment in the sector, hit by the global slowdown.

A trade delegation of textiles exporters is also accompanying Maran as the government is promoting exports to south eastern nations to reduce dependence on the US and EU markets.

"Maran will address a business meeting hosted by Japan- India Business Cooperation Committee (JIBC) and use this platform to solicit investment in Indian textiles sector, where 100 per cent FDI is permissible," an official statement said today.

The $55-billion industry needs modernisation and there is huge scope for Japanese investment to upgrade spinning, weaving, processing and garmenting facilities, it said.

The government is promoting shipments to South East Asia under its ‘Look East Policy’. An important component of this policy is to attract FDI.

Textile exports were down by 10 per cent to $20 billion in 2008-09 over the last fiscal, mainly due to a demand slump in western economies, including the US, reeling under impact of the global slowdown.

The US and European countries together account for the bulk of India's textiles exports.