Home / Knowledge / News / Textiles / Textile firms plan expansion in Mexican state of Yucatan
Textile firms plan expansion in Mexican state of Yucatan
01
Aug '13
The private sector of the Mexican state of Yucatan has exuded confidence in the region, as 10 corporations, domestic and international, plan to inject resources worth 400.7 million pesos (approx. US$ 32 million), to expand and generate higher productivity and generate 5000 new direct jobs over the next three years.
 
The 10 corporations planning to expand include textiles, aerospace and furniture industries, and these firms would also be eligible for some government incentives. 
 
The president of the Business Coordinating Council (CCE) in Yucatan, Nicolas Madahuar Boehm, said Yucatan has the right conditions to attract investment and that is one of the main reasons the private sector is confident in injecting new capital contributing to stimulate the economy and generate more jobs.
 
The companies selected Yucatan for further investments because of its reputation for security, sound infrastructure and its access to the sea at the nearby port of Progreso.
 
Secretary to the Ministry of Economic Development, David Alpizar Carrillo, said the incentives extended to these firms would be from a fund of 18 million pesos from the Ministry of Economic Development, which will be paid in cash to these companies by way of reimbursement for the investments they make.
 
Some of the textile companies planning to expand are Southeast Twisted Yarns and Fabrics Mayan, Vertical Knits, and Leather Cut and Sew services.
 
Southeast Twisted Yarns and Fabrics Mayan (Mayan Tejidos), a large scale Mexican manufacturer of henequen fabrics, will invest US$ 16 million and plans to raise the number of employees from the present 1,200 to 2000.
 
The 10 companies have already signed and delivered formal letters of intent for investment to the government.
 

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 23rd Feb 2017

NAFTA renegotiation puts Mexico-US jeans trade at risk

The almost imminent renegotiation of the North America Free Trade...

Rick Helfenbein (left), president and CEO of AAFA, with Juan Estrada, chief of party, Hub; Courtesy: Hub

Apparel/Garments | On 23rd Feb 2017

AAFA inks agreement for best manufacturing in East Africa

The American Apparel & Footwear Association (AAFA) has entered into a ...

Mango vice-chairman and member of the board of directors Daniel Lopez (L) with Ananth Narayanan, CEO, Myntra & Jabong. Courtesy: Myntra

Apparel/Garments | On 23rd Feb 2017

Mango awards distribution & management rights to Myntra

Mango, the Spanish fast fashion brand, has awarded its master...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search