site.btaBulgaria, India Discuss Ways to Boost Textile Industry Cooperation

Sofia, May 10 (BTA) - Economy Minister Emil Karanikolov here on Thursday met with Ajay Tamta, Indian Minister of State for Textiles to discuss ways to boost bilateral economic cooperation.

"I believe there is potential to deepen cooperation in the textiles industry and possibly set up joint production of cotton and silk fabrics and clothing with raw materials from India," said Karanikolov.

India's textile industry accounts for 7 per cent of industrial output, 2 per cent of the country's GDP and 15 per cent of overall export revenues. Between April 200 and December 2017 India's textile industry attracted 2.82 billion dollars in foreign investments.

Bulgaria's strategic location as a bridge between the European market and the countries from the Mediterranean, theMiddle East and Asia is of interest to India, said Minister Tamta.

The Indian Minister added that his country has favourable conditions to grow crops suitable for the production of quality textiles.

Bulgarian Minister Karanikolov noted that Bulgaria has potential to attract Indian investments as well as possibilities for Bulgarian businesses to step on the Indian market. The two sides agreed to hold a joint textiles business forum. At the forum businesses from both countries will have a chance to familiarize themselves with the existing potential in the various sectors of textile and carpet manufacturing and crafts.

In the last five years two-way trade has increased steadily. In 2017, according to Bulgarian customs figures, two-way trade grew by 7 per cent, reaching nearly 267 million dollars. Bulgarian exports to India stood at 109.8 million dollars.