Russia to soon enter global synthetic fibre market

12 Sep '12

2 min read

Russia would soon mark its presence in the fast-growing global synthetic fibre market, as a decision to the effect was taken at the Golden Ring Forum held to discuss the future strategy to develop the country’s trade and industries, in view of its accession to the World Trade Organization (WTO) last month.

The Forum deliberated on a range of mechanisms to support complex investment and innovative projects for the revival of the Russian textile sector.

Speaking at the Forum, Mr. Mikhail Men, the Governor of the Ivanovo province, said the region manufactures around two-thirds of the total fabrics produced in Russia.

He said Ivanovo-made textiles are quite competitive in the global market and there are companies that are exporting nearly 80 percent of their fabrics every year. Hence, the Ivanovo textile companies need Government’s support in order to maintain their competitive edge vis-à-vis other manufacturers of WTO member nations.

The members of the Forum gave their consent to enter the rapidly growing international market of synthetic fibres and emphasised on the construction of the massive synthetic fibre plant in the Ivanovo region, which after completion will produce around 200,000 tons of synthetic fibres every year and will thereby fully satisfy the raw material needs of Russian synthetic textile manufacturers.

The proposed plant’s products will help the textile manufacturers to attain the production volume targets within three to four years and will further enable them to compete in the global markets.

The Deputy Industry and Trade Minister of the Russian Federation, Mr. Georgy Kalamanov said the implementation of the large-scale synthetic fibre project would require around ten billion Russian roubles, and therefore, all resources should be fully utilized, including participation of the private sector.

He stressed on early implementation of the project to stop the current import of raw materials from other countries at higher rates.

Fibre2fashion News Desk - India

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