Investment by the United Arab Emirates (UAE) in India’s textiles sector was worth $23.09 million in the last five years and is growing as the latter steps up efforts to quadruple exports of handloom textiles in the next three years, the Indian textiles ministry said in a statement on foreign direct investments covering the period up to March 31, 2021.The UAE topped the list of investors from the Gulf Coordination Council in the textile sector with Oman and Qatar in second and third places respectively, according to a news agency.
The ministry recently set up a high-level, eight-member experts committee to double the production of handlooms and boost exports.
Investment by the United Arab Emirates (UAE) in India's textiles sector was worth $23.09 million in the last five years and is growing as the latter steps up efforts to quadruple exports of handloom textiles in the next three years, the Indian textiles ministry said in a statement on foreign direct investments covering the period up to March 31, 2021.#
Simultaneously, the government has released funds worth ₹1.25 billion for eight Centres of Excellence in textile research across India, the ministry said.
Fibre2Fashion News Desk (DS)