Texprocil inks MoU with Kazakhstan

The Cotton Textiles Export Promotion Council (Texprocil) has signed a memorandum of understanding (MoU) with Kazakhstan to promote textile exports from India. The MoU is also expected to help Indian companies set up joint ventures in the country.

The agreement was signed during the recent Kazakhstan trade delegation visit lead by Prime Minister Chancellery Berdibek M Saparbayev.

Berdibek M Saparbayev said there was huge scope for textile trade between the countries as there was a stable resource base, coupled with good logistics, banking infrastructure in Kazakhstan.

The Ontustik special economic zone in south Kazakhstan, reserved for cotton textiles, has advantageous tax laws, free customs zone, infrastructure and state support, he said.

Speaking to Business Standard, Berdibek M Saparbayev said the MoU will also enable exchange of information on textiles and trade. Expert delegations will follow to develop the textile industry in Kazakhstan with Indian participation.

"Kazakhstan is organising a textile exhibition in October this year to showcase its potential and attract investments," he added.

The central Asian nation is also looking at Pakistan, China and Turkey in Asia to develop its textile industry. IT, tourism, construction materials, pharma, machine building and logistics are other sectors where Kazakhstan wants to attract Indian participation.

"Industry-wise, India is very advanced. Singapore, Malaysia and Japan are the other countries we are looking at in regard to the IT industry," he said.

Pravin Malik, deputy chairman of Texprocil said, "We are looking to improve exports to Kazakhstan. The MoU helps us understand the market to promote trade and form joint ventures."

Malik further said the country is trying to be a part of the WTO and also has bilateral agreements with the EU and the US.