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Govt will safeguard domestic interests from Asian textiles - Minister
17
Sep '11
Argentina will reinforce a policy to safeguard its domestic interests from the flooding of its markets with Asian textiles, Industry Minister Debora Giorgi has said.

Speaking at the ProTextil 2011 show, Ms. Giorgi said the revival of Argentina's competitive textile industry has been possible because of the strong Government support it enjoyed since 2003.

The Minister said the policy of the Government from 2003 onwards has been to safeguard the domestic market, control competitive imports, and raise the purchasing power of labour.

This policy has enabled Argentina to maintain manufacturing profitability, which in turn brings investments from textile entrepreneurs and thus consolidating the entire production chain, she added.

As a result, the production of Argentine textile sector has grown by 143 percent since 2003, its exports have risen by 61 percent and around 500,000 new jobs have been created that are spread over the production chain across the country, she stated.

Loans totaling 134 million pesos (USD 34 million) were given to the textile industry at a fixed interest rate of 9.9 percent, she said, and added that a grace period of one year was given on the five-year loans.

She revealed that investments in the country's textile sector amount to 1.5 billion dollars, which include setting up of new plants by top corporations like Brazil's Santana, Correa, Vicunha and Santista.

She reminded that during the nineties, Argentine textile industry collapsed resulting in the loss of 180,000 jobs due to closure of 2,500 units.

Currently, there are 116 textile and apparel products that are subject to non-automatic licensing. Also, 9 anti-dumping investigations are being carried out by the Government, she said.

However, Argentina has competitive import substitution deals in place with several international brands including Nike, Puma, Lacoste, Wrangler, Zara, Levi's and Adidas, she added.

Fibre2fashion News Desk - India

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