(EnPatk) – Dubai’s free zone business communities dedicated to the life sciences and alternative energy industries – headed by Marwan Abdulaziz, ED, Du Biotech 6t EnPark, was in Mumbai to share Insight into the offerings of the UAE’s free zone module, which includes 100 per cent foreign ownership, 100 per cent tax exemption and tax free salaries for all employees. “The growing Indian pharmaceutical, energy and biotechnology sectors can hugely benefit from these advantages, and tap into the flourishing GCC
Kotak Mahlndra Bank and INO Bank have signed an MoU where both institutions will cooperate and explore opportunities arising from cross border business, investment and trade flows across Benelux (Belgium, Netherlands
market through being a part of one of the UAE’s free zone hubs,” says Adbulaziz. “The UAE and India have shared a long-standing relationship and are both growing at exponential rates”, gcc countries are expected to see an average economic growth
and Luxembourg), Western Europe, Eastern Europe, North America, Asia and Australia. “The MoU will leverage the strengths of both institutions and will be mutually beneficial. We have a strong corporate, institutional and investment banking
business, which can now meet varying client needs across several geographies,” said K.V.S. Manian (left), president – corporate, institutional 6t investment banking, Kotak Mahlndra Bank. “Our collaboration will allow us to stand apart and create that differentiating experience for our India clients outside India and our global clients active within India. This MoU is equally important to both iNo and Kotak Mahlndra because it will fuel both our ambitions for cross-border business growth,” added Mark Newman (right), CEO, INo Commercial Banking Asia. The MoU was signed In the presence of Mark Rutte (centre), Prime Minister of Netherlands. ♦
Arzu Uludag Elazig,
marketing director of the Turkey-based Eczactbai Building Products Division of VltrA, a leading bathroom solutions brand, was in India to introduce a new range of high tech and trendy bathroom furniture – Metro- pole. “Made by the awardwinning design group NoA, this series offers an intelligent, Innovative and timeless range of ceramic wash basins and Wes. The new Metropole range stands out for smart functionality In tastefully restrained forms. This series offers a wide range of infinite wash basins which are made with various dimensions for maximum ease of use”, explains Uludag Elazig. Metropole wash-basin units are compatible, with two options, mineral cast and ceramic wash basins. “Wash basins with white or black glass front panes create a perfectly harmonious combination with ceramic or vanity washbasins from this range. The pure white colour option of Metropole helps fashion an elegantly natural bathroom”, adds Uludag Elazig, on her first visit to India, looking at setting up her own distribution network in the country. Althgoough the brand has been around for almost 30 months, It was sold by Kajatla Ceramics and has achieved a turnover of 325 cote, Looking at the long-term growth In the Indian market, the marketing director has plans to appoint close to 60 dealers, before setting up a manufacturing base in India. ♦
The Union textile ministry is In the process of formulating a new national textile policy, which will provide a comprehensive road map for the long-term growth of the domestic textile sector. The new policy, aiming to boost the country’s textile production base, envisages manifold growth in textile exports to about 3300 billion by 2024-25 from the present $40 billion odd, as also looks to create 35 million additional jobs directly or indirectly involved with the textile sector, in order to attract investments and enhance the competitiveness of the country’s textile value chain, the policy also envisages suitable amendments to several policies, including labour laws. The new policy will replace the existing policy formulated in the year 2000.
The government has already come out with the draft of the new national textile policy, which is based on the findings of an expert committee headed by Ajay Shankar, member-secretary, National Manufacturing Competitiveness Council. The Shankar Committee report will be the basis for the new policy, which will have to be approved by the Union Cabinet.
The Vision 2024-25 document by the expert panel believes that if the government takes the necessary steps, the textile exports can grow at 20 pet cent annually over the next decade, as against an average of 11 per cent in the past decade to reach the $300 billion. This would represent a fifth of the global textile business, up from a
> relaxation in the tough norms of the I Industrial Disputes Act and also permission to hlte contract workers at least in export-oriented units. This is the only way employment can double in the next decade.
“The textile industry has the potential to contribute significantly to ‘Make in India’ in view of its employment intensity and export potential,” says R.C.M. Reddy, co-chairman, Fleet Textiles Committee. “It is also a powerful tool fot inclusive growth since much of the workforce is women, below poverty line and rural. A holistic approach is needed to consolidate and strengthen the industry covering its entire value chain.”
In order to achieve these goals, the committee says there is need to attract about $120 billion in investment, including foreign direct investment. For this, the government has to provide the necessary infrastructure (including creation of new mega textile parks), ensure easy connectivity to ports and promote Innovation and Rfidr. The report also wants India to diversify its export basket, tapping newer markets including Japan, China, Brazil and Russia. At present, about 50 per cent of India’s exports are to traditional markets in Europe and the US.
The committee report has also suggested an improvement in productivity by bringing in efficient processes and encouraging skills development. “The ministry of textiles needs to evolve a credible mechanism for tracking improvements in quality and productivity across the value chain as well as across individual enterprises. A programme for assisting individual firms in improving on both parameters needs to be implemented,” says the report.
Meanwhile, the government has geared up to strengthen the textile manufacturing base by reviving the Scheme for Integrated Textile Parks. There are plans to set up 20 new textile parks, of which 13 new textiles parks have been approved recently by the Project Approval Committee of the ministry. As part of the landmark initiative announced by the prime minister, measures have also been initiated to set up of Apparel
and Garment Making Centres in north-eastern states, where people would also be trained to help overcome shortage of skilled manpower in the sector.
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