India and Kyrgyzstan on Tuesday signed a memorandum of understanding, seeking to strengthen the bilateral cooperation between the two nations in the textile sector.
The MoU was signed by Minister of State (Independent Charge) for Textiles Santosh Kumar Gangwar and Kyrgyzstan Minister of Energy and Industry Kubanychbek Turdubaev.
According to a release by the Ministry of Textiles, the MoU seeks to enhance cooperation in development of trade, economic and investment relations; techno-commercial collaboration and joint trade missions; stimulation of investment cooperation; mutual assistance in research and development and technical collaboration in product development and manufacturing, testing and certification, among other areas.
In the meeting between Gangwar and Turdubaev, the visiting dignitary expressed hope that the bilateral trade between the two countries increases from the existing USD 25 million to USD
2.5 billion.
India and Kyrgyzstan have also agreed to setting up a joint working group (JWG) to explore areas of cooperation within the scope of the MoU and the steps required to facilitate bilateral trade and investment.
