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'Valencia govt must support textile firms for EU COSME'
07
Dec '13
The government of the Spanish autonomous community of Valencia should encourage the participation of Valencian textile firms in the new program for the Competitiveness of Small and Medium Enterprises (COSME) initiated by the European Union (EU), said director general of European Funds and Projects Juan Viesca, during the recently held Association of Textile Entrepreneurs of Valencia (ATEVAL) meeting of European clusters of technical textiles.
 
According to the director general, the COSME project of EU is scheduled to begin from January 1, 2014 and would be ongoing for the period 2014-2020, with an investment of €2.3 billion. 
 
The director general explained that the European Commission estimates that around 330,000 EU companies can benefit through the COSME funding mechanism, which will undoubtedly lead to the creation of jobs.
 
During the ATEVAL meeting, the EU official said that almost €1.4 billion from the €2.3 billion COSME budget has been allocated to loans and risk capital to complement domestic financing in these SMEs.
 
Under the COSME project, SMEs in the EU countries would be provided with the credit facility of up to €150,000 to strengthen their competitiveness and sustainability, in order to promote culture of entrepreneurship as well as growth of SMEs.
 
The COSME project will help various SMEs, including textiles, to benefit from easier access to the EU markets and international markets, the entrepreneurs who want to work on their own and are facing challenges for expanding business would receive tailored services and supports and the authorities of the EU member states would also assist to develop and implement effective policy reform related to SMEs.
 

Fibre2fashion News Desk - India


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