(ANI) – India and Kyrgyzstan on Tuesday signed a memorandum of understanding, seeking to strengthen the bilateral cooperation between the two nations in the textile sector.

The MoU was signed by Indian Minister of State (Independent Charge) for Textiles Santosh Kumar Gangwar and Kyrgyzstan Minister of Energy and Industry Kubanychbek Turdubaev.

According to a release by the Indian Ministry of Textiles, the MoU seeks to enhance cooperation in development of trade, economic and investment relations; techno-commercial collaboration and joint trade missions; stimulation of investment cooperation; mutual assistance in research and development and technical collaboration in product development and manufacturing, testing and certification, among other areas.

India and Kyrgyzstan have also agreed to setting up a joint working group (JWG) to explore areas of cooperation within the scope of the MoU and the steps required to facilitate bilateral trade and investment.

In the meeting between Gangwar and Turdubaev, the visiting dignitary expressed hope that the bilateral trade between the two countries increases from the existing $25 mln $2.5 bln. Indo-Kyrgyz trade totalled $35.18 mln in 2013-14. India’s exports to Kyrgyzstan was $34.54 mln whereas Kyrgyz exports to India amounted to only $0.64 mln. Apparel and clothing (both knitted and crocheted as well as not-knitted and crocheted), leather goods, drugs and pharmaceuticals, fine chemicals, and tea are some of the important items in India’s export basket to Kyrgyzstan. Kyrgyz exports to India consist of raw hides, metalifers ores and metal scrap. Around 20 Indian companies are represented in Kyrgyzstan. There has been increasing interest among Indian entrepreneurs to explore business opportunities with Kyrgyzstan in sectors such as mining, agrofood, construction, pharma, gems and jewellery, IT etc.

Technical assistance under the Indian Technical and Economic Cooperation Programme (ITEC), particularly in terms of human resources development, is the cornerstone of India’s economic involvement in Kyrgyzstan. Kyrgyzstan has been allotted 60 slots on an annual basis for civilian training under ITEC. More than 700 professionals from Kyrgyzstan have received training in India since 1992.