India & Azerbaijan explore potential for cooperation in textile sector

Organised in association with Texprocil and Founder Club on January 19, 2023, the India-Azerbaijan Business Meet on Textiles sector was attended by about 20 Azerbaijani Companies in physical mode, while their Indian counterparts joined the event in virtual mode, the Embassy of India in Baku said in a press release. 

In his opening address, Vinay Kumar, Chargé d'Affaires of India in Baku, highlighted that there is a huge scope for diversifying India's economic engagement with Azerbaijan. He mentioned that Indian apparel and ready-made garments like in many parts of the world are already well known in Azerbaijan both through sale by local entrepreneurs and other global franchises and underlined the huge potential for increasing market share of India in this sector in Azerbaijan. 

India had exported apparel worth $3.453 million in 2017 which declined by around 85 per cent to $0.522 million in 2018 before increasing again to $1.239 million in 2019, according to Fibre2Fashion’s market insight tool TexPro. 

However, due to the COVID pandemic, apparel exports from India to Azerbaijan slipped by around 70 per cent to $0.357 million in 2020. India’s exports to the partner country inched up to $0.516 million in 2021 and $0.436 million in the first ten months of 2022. 

The outbound shipment was negligible in India’s total apparel exports. Therefore, Indian exporters can explore the new market in the country. Turkiye is a major supplier of apparel for Azerbaijan. It exported apparel worth $87.620 million in 2021, as per TexPro. 

Fibre2Fashion News Desk (KUL)