RIYADH/JEDDAH, 8 April 2004 — Proposals to start a joint venture processing unit in Saudi Arabia or alternatively attract Saudi investment to new ventures in the manufacture of wool and woolen products and knitwear figured in the discussion between a visiting seven-member Indian trade mission and the Jeddah Chamber of Commerce & Industry yesterday.
Although its objective is to further expand its exports to the Kingdom, the mission utilized the opportunity to discuss the possibility of starting a processing unit due to the abundant availability of acrylic and wool locally. “We also put forward suggestions to attract Saudi investment in manufacturing units in India due to availability of cheap labor,” Ashok Jaidka, mission leader and chairman of the Wool & Woolens Export Promotion Council, said during a buyer-seller meet at the Jeddah Trident Hotel yesterday.
The mission arrived in Jeddah on Tuesday on a four-day visit after spending three days in Riyadh, on an invitation from the Council of Saudi Chambers of Commerce & Industry. The volume of Indian wool and woolen exports to the Kingdom has risen to $7 million up by 100 percent over the previous year, Jaidka said during a press briefing held at the Embassy of India. The steady increase in export of wool and woolen items to the Kingdom speaks for the quality and competitive prices of Indian products, Jaidka said, adding that there were fair chances for export of these products to double in the Kingdom.
The WWEPC, an autonomous organization that functions under the Ministry of Textiles, has a membership of more than 1,500 manufacturers of wool and woolen garments from all parts of India. Its global exports to major capitals in Europe and United States have reached $300 million.
The delegation clinched definite orders running in millions of riyals during its one-to-one meetings in the capital and Jeddah. There were also many inquiries for more orders from local importers, he said.
Jaidka said that Indian woolen, knitted and woven manufacturing industry has come a long way since its modest beginning as a cottage industry predominantly catering to the local market. “With the adoption of state-of-the-art technology, ultra modern machinery and latest quality standards, the industry caters to international markets such as the European Union, United States, Canada, Japan, Middle East and GCC,” Jaidka added. Its export items include blended fabrics, cardigans, pullovers, mufflers, shawls, blankets, socks, gloves, garments and floor coverings.