1 week ago
Uniqlo and Japanese Textile Firms Plan More India Sourcing
Japan buys many clothes from other countries.
India’s Commerce Minister said Japanese textile companies want to buy more materials from India.
Uniqlo is one of the companies mentioned.
These companies may also invest more money in Indian factories and businesses.
They could then send textile products from India to stores around the world.
Uniqlo has about 4,000 stores globally, according to the minister.
India also hopes to receive better trade terms from several major partners.
The minister said his meetings with textile importers and marketers made him confident that Japanese business activity in India will grow.
Commerce Minister Piyush Goyal said Japanese textile companies, including Uniqlo, plan to source more input materials from India.
The companies are also expected to increase investment in India and export textile goods globally from the country.
Goyal said the move could expand India’s role in supplying Japan and Uniqlo’s roughly 4,000 stores worldwide.
Uniqlo was described as having annual turnover of 4 trillion yen.
India is expected to seek major concessions from free-trade partners, including the United States, European Union, United Kingdom and Canada.
- Who
- Commerce Minister Piyush Goyal and Japanese textile companies, including Uniqlo.
- What
- Japanese companies are expected to increase sourcing of textile inputs and investment in India.
- Where
- India, with textile goods intended for Japan and global markets.
- When
- Wednesday, according to the report.
- Why
- To expand textile business and exports from India, while India seeks improved trade terms from major free-trade partners.
Key facts
- Company highlighted
- Uniqlo
- Japanese garment-import ranking
- Japan is the world’s fourth-largest garment importer, after the United States, Germany and France.
- Uniqlo global stores
- Approximately 4,000 stores
- Uniqlo turnover
- 4 trillion yen
- Planned sourcing
- More textile input materials from India
- Potential investment
- Increased investment in India to support global textile exports
- Expected trade partners
- United States, European Union, United Kingdom and Canada
Quotes
Piyush Goyal
India’s Commerce Minister
“My meetings with some of the largest importers and marketing companies of textiles give me the confidence that we will see a larger presence in India”
indianexpress.com
Sources
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