The Hindu : Tamil Nadu / Coimbatore News : Ministry encouraging FDI in textiles

Online edition of India's National Newspaper
Monday, Jun 25, 2007
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Tamil Nadu

Tamil Nadu - Coimbatore

Ministry encouraging FDI in textiles

Staff Reporter

This is the opportune time: Textile Commissioner

Textile units are going in for modernisation
Demand for machinery expected to be huge

Coimbatore: This is the opportune time for more foreign direct investments (FDI) in the textile sector, especially in textile machinery manufacturing, according to the Textile Commissioner, Union Ministry of Textiles, J.N. Singh.

Trend

He told presspersons here recently that the textile units, even the smaller ones, were going in for modernisation and expansion of capacities. The trend now was for branded, new machines and the units were willing to invest on this. Hence, the demand for textile machinery in the country was expected to be huge for another five years.

Currently, some textile product manufacturers had confirmed their plans for investment in the country.

On textile machinery manufacturing, he said that the country needed more units that would manufacture especially weaving, processing and garmenting machines.

In a move to encourage FDI, the Union Textile Minister and a team of officials visited three or four countries and “it is a matter of time for major FDIs to happen in this front.” Some foreign companies had shown interest.

The Ministry was also taking up discussions with some of the potential investors. “We create awareness and we also create a market,” he said.

Interested companies were trying to assess the demand, study if the growth in the textile sector was structured or cyclical and would then take a decision.

They were earlier marketing from outside; now they had senior marketing people here.

“The time is ripe now for more FDI,” he said.

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