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UK woos Indian investment in textile sector

PTI | Last Updated: Tuesday, December 10, 2013 - 21:30

Coimbatore: Indian companies can invest in the textile sector in the United Kingdom which on a path of recovery after being revived by the government, Vince Cable, UK's Secretary of State (Cabinet Minister) for Business, Innovation and Skills, said Tuesday.

The government is encouraging efforts being taken to revive the textile industry, and Indian companies can also invest in the sector, Cable told reporters here.

"The textile industry had virtually died and there were hardly any mills that were operating in the UK. But that is changing now," he claimed.

"We are beginning to get high-quality wool weaving in Yorkshire and man-made and cotton fabric as well as garment assembling in Lancashire," he said.

The government has created a regional growth fund of about 3 billion pounds for firms investing in the UK, he said.

"The companies have to demonstrate that they are creating jobs. They can get funding through competitive bidding, which would help them in training and skill development," he added.

First Published: Tuesday, December 10, 2013 - 21:30
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