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Albania unveils support package for textile industry
23
Apr '14
The Government of Albania, a country in Southeastern Europe, has unveiled a support package for the textile and garment industry (called active processing industry in Albania), which is very different from the previous model which was based on remittances and public debt, according to the website of the Albanian Prime Minister’s Office.
 
The new support package focuses on domestic production, foreign direct investment and better returns through efficiency, as these would help to ensure better economic development through collaborative partnerships between the Government and businesses, the statement said.
 
The textiles package is the first of its kind to be specifically developed for the active processing industry in Albania. It is also the first package which has been developed for a sector in accordance with its own requirements, with the first step having involved collecting opinions from key stakeholders themselves.
 
Overall, the measures of the new support package aim to significantly improve quality and thereby increase exports. This is reflected in an increased export target of more than 80 percent within three years.
 
Altogether 46 measures and proposals are mentioned in the support package. Some of these measures have already been implemented. For example, the Euro contract award for active processing plants, which is expected to save an average of US$ 2.5 million lease to entrepreneurs.
 
Another important focus of the package is the connection between the development of textiles businesses and the growth of employment. For the purpose, the Government will take a series of measures to increase the number of declared employees in the country’s textile sector from the present 28,000 to 100,000 in three years. The Employment Fund for the textiles industry will also be increased to $5 million by the end of this year.
 
The Government expects that the new support package will help Albania become an important textile producer in Europe.
 

Fibre2fashion News Desk - India

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