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Mexican textile sector to benefit from SAT certification
13
Apr '13
Textile companies in Mexico's Yucatan province would benefit as the Tax Administration Service (SAT) has decided to issue certificates to them, according to the Association of Maquila Exports in Yucatan. Maquilas are free trade zones in Mexico.
 
In the short-term, the SAT certification may result in increase in employment by at least 20 percent in the free trade zone in Yucatan, according to Gerardo Diaz de Zavala, president of the association.
 
The textile sector in Yucatan free trade zone employs about 14,000 people, i.e. about 60 percent of the total employment in the free trade zone. The SAT certification will result in an increased investment in the sector and make it more competitive, with an expected annual growth of at least eight percent, The Yucatan Times quoted Mr. de Zavala as saying.
 
He said the increased investment and growth would result in more job creation, which is likely to rise by 20 percent annually.
 
Textile companies that get SAT certification will get additional facilities for export of their products.
 
The Mexican Government provides various incentives to the maquiladora (export-oriented free trade zones) industry as it generates a total of 2 million jobs across the country.
 

Fibre2fashion News Desk - India

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