India’s Textile Ministry Eyes European Investors

(RTTNews) - India’s Textile Ministry will try to attract European investors to achieve the government’s target of $6 billion of Foreign Direct Investment (FDI) by 2015, report media.

A delegation, headed by Textiles Minister Dayanidhi Maran, is leaving for Switzerland, Italy and Turkey on October 26 on a nine-day tour. Its members would meet officials of European firms, including Beninger, Rieter, Bilsar and Tic.A.S, to seek investments.

Maran said that the ministry was expecting one-fifth of the set target in the current fiscal. He said that despite offering various incentives to foreign investors, including low-cost labour and intellectual rights protection, the country could attract only $200 million last year. He added that 100% FDI was allowed in the textiles sector.

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