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Provincial Govt allocates funds to save textile industry
25
Jul '09
In order to rescue the clothing and textile industry of the province, the KweZulu-Natal government has set aside R70 million, informed an official at a budget presentation. This would help to save thousands of jobs in the province.

He added that to revive the clothing and textile sector of the province, a comprehensive strategy has been developed, which comprises access to markets, skill development, establishment of an integrated hub to service stakeholders.

It also includes the development of a funding model in order to help assist SMMEs to purchase raw materials and machinery. In order to rescue this labour-intensive sector, an amount of R30 million has been budgeted and more R40 million will be added to this during next two years.

Trade liberalization has impacted this sector drastically due to which cheap products are flooding the markets. This left thousands of people without jobs and the situation has augmented due to the current economic environment, added the official.

Fibre2fashion News Desk - India

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