Indian firms eye investment in garment-textile machinery

09:19 08/10/2016
India wants to expand its investment in garment-textile machinery and technology overseas , including Vietnam.

Executive Director of the India International Textile Machinery Exhibitions Society (India ITME Society) Seema Srivastava made the remark while introducing the 2016 International Textile Machinery Exhibitions (ITME 2016) in Ho Chi Minh City on October 7.  

Photo: Viettrade

The event attended by 77 international industrial associations give Vietnamese firms a chance to meet with potential partners, access new suppliers of materials and green technology for market expansion.

Director of the Vietnam Chamber of Commerce and Industry – Ho Chi Minh City branch Vo Tan Thanh said numerous Indian investors have been surveying business opportunities in Vietnam, noting that India is an important partner of Vietnam in the garment-textile sector while Vietnam is also a potential market for Indian firms.

Vietnam's textile-garment sector, which is heavily dependent on imported materials and machinery, needs to switch to more sustainable development models. This provide good opportunities for Indian firms to partner with Vietnamese counterparts for mutually-beneficial cooperation, Thanh added.

The India ITME is the world’s second biggest garment-textile machinery exhibition. The event is set to take place in Mumbai, India, from December 3-8 under the auspices of the Indian Ministries of Textiles and Heavy Industry.