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Shenghong & Oerlikon inks MoC to boost textile sector
01
Aug '08
Shenghong Group in Jiangsu has recently signed Memorandum of Cooperation (MOC) with Oerlikon Group in Shanghai. Both the enterprises plan to establish a joint research and development center in Germany for developing new fibers.

The companies aim to make the Chinese enterprises technically advance with support from technologically far ahead countries like Germany.

Shenghong, which has largest printing and dyeing capacity in the world, will invest nearly 10 million euros into this joint venture. Oerlikon Group, is a solution provider in areas like research of chemical fiber products, equipment and related new technology development. They will jointly provide solutions for upgrading Chinese textile chemical fiber industry.

According to the latest statistics, nearly half of total textile output of the world comes from China, even the exports amount to a quarter of the world's total exports.

Industry insiders believe that, although textile export volume and production of China are among the tops in the world, the domestic textile industry is now showing clear signs of slowdown, due to series of problems like RMB appreciation, higher raw material costs and lack of technological advancement.

Industry experts point out that, domestic textile industry should accelerate technological transformation, study and adopt international experience and advanced technology. The establishment of research and development base in foreign country will further promote the overall technology development of China's textile industry.

Fibre2fashion News Desk - China

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