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Govt comes to rescue trembling textile industry
18
Aug '08
One of the major problems that the once thriving textile sector of Turkey is facing, is tough competition from Chinese counterpart, who at present is dominating international market. In order to solve this grave issue, Mehmet Simsek, Economy Minister, Turkey, recently held a meeting with representatives of textile industry.

During the talks various possibilities were discussed that can once again revive textile sector of Turkey, which has been major contributor in the export earnings. Turkish garment exporters had ruled the global market for a long time due to good quality of products and prices they offered.

However, the textile units in China with their competitive cost and high quality of products have emerged as biggest block for the Turkish entrepreneurs. Industry insiders believe that, the sector will soon get back the required strength as it has tremendous potential.

The officials are planning to improve the incentive programme which will help sector overcome problems. It is also believed that, exporters need to develop strong ties with buyers and focus more on the quality of products that are being made for the overseas market. Experts suggest that, if a strong brand is created it would help in earning high profits for Turkey.

The overvalued lira is also a cause of worry for the exporters as it has affected the industry. Yet the Government is helpless as the exchange rates are not decided by the authorities but by the Central Bank of the country.


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