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Retirement funds set sight on textile sector for investment
23
Sep '09
The retirement funds and foundations are on the look out for investing their surplus funds in various industrial sectors, in view of the fall in interest rates. Textiles are one of the sectors identified by these funds.

The Istanbul Municipality Constabulary Foundation is preparing to establish a textile factory, while the Türk Telecom Personnel Accumulation and Aid Fund is ready to set up an outsourcing company.

Meanwhile, the Police Officers Care and Aid Fund is planning to hold talks with the Mass Housing Administration, or TOKI, to enter the property business. The fund had previously invested in private security, technology retail and insurance.

The Istanbul Municipality Constabulary Foundation had 2 million Turkish Liras in revenues last year and paid 80,000 liras in taxes. The foundation is currently working to establish a factory that would produce clothes for municipal police officers and private security companies.

Yavuz Çakir, the president of the foundation, said they allocated 400,000 liras for the investment and textiles are the main focus, and the next in line is construction. The foundation, which has 1,150 members, is targeting revenue of 3.5 million liras this year.

Fibre2fashion News Desk - India

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