The Clothing Manufacturers' Association of India (CMAI) has signed an MoU with China Chamber of Commerce for Import and Export of Textiles (CCCT) for extending co-operation in apparel industry between the two countries.
"We have signed an MoU with CCCT for extending co-operation to each other in terms of new business opportunities and exchange of trade and data related co-operation for mutual benefit," CMAI president Rahul Mehta told PTI on the sidelines of World Fashion convention here.
Mehta said India, with great potential, has to increase the market share in global apparel trade.
He said China has started gradually reducing its focus on labour intensive industry which includes textiles and apparel which poses a great potential for India to take this as an opportunity and grab the place vacated by China.
The pact was inked by Mehta and Jiang Hui representing India and China respectively.
"The MoU will benefit both countries' apparel sectors in long run. While organising trade fairs, both of us would co-operate in associating new clients, visitors and associated supply chain participants to the forum for the benefit of the apparel trade," Mehta added.
International Apparel Federation (IAF), the global representative body of apparel manufacturers, for the first time in Asia, organised a two-day seminar here.
Experts, however, have forecast that India's textiles industry will double in five years from USD 110 billion at present to USD 220 billion by 2021.
Aniruddha Deshmukh, MD and CEO of Mafatlal Industries Ltd, said, "E-retailing is going to be the next growth opportunities in Indian textiles and apparel sector in the next few years. Metro cities are overcrowded with retailers with higher overheads. Thus, there are more retail business opportunities in tier 2 & tier 3 cities".
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