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Global crisis to open up opportunities for local textile cos
08 Nov '08
1 min read
Experts are predicting that the international financial crunch will actually help the development of domestic textile and clothing industry.
Source from ASPI Consulting Engineers confirmed to Fibre2fashion that opportunities will open up for local raw-material industry.
Insiders said that with lack of liquidity, the imports will reduce, even as demand for clothing and garments remains the same. Thus, local manufacturers will opt to use the domestic materials, saving the transportation and related costs.
Market professionals say that since China and other South Asian countries are facing difficulties in exports, domestic industry will also have the opportunity to seek new markets.
Advisers stressed that although the industry is facing some internal issues like power shortage and lack of advanced technology, this is still a huge opportunity and enterprises must prepare to take full advantage of the situation.
Source from ASPI Consulting Engineers confirmed to Fibre2fashion that opportunities will open up for local raw-material industry.
Insiders said that with lack of liquidity, the imports will reduce, even as demand for clothing and garments remains the same. Thus, local manufacturers will opt to use the domestic materials, saving the transportation and related costs.
Market professionals say that since China and other South Asian countries are facing difficulties in exports, domestic industry will also have the opportunity to seek new markets.
Advisers stressed that although the industry is facing some internal issues like power shortage and lack of advanced technology, this is still a huge opportunity and enterprises must prepare to take full advantage of the situation.
Fibre2fashion, News Desk - India
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