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Venezuela owes $80 mn to Colombian textile sector
Feb '11
Venezuela owes 80 million dollars to the textile and apparel companies in Colombia; this was revealed by Carlos de Hart, the Vice Minister of Business Development in Colombia.

The Textile and clothing sector in Venezuela is one of the sectors, which is currently facing the problem of delay in debt payments.

Following the inauguration of the Colombiatex textile fair, the Minister revealed that Venezuela is trying to pay the debts that it owes to the Colombian manufacturers but it is giving preference to those sectors where the billing procedure is easier to identify.

There are several such sectors where the invoices are complicated and also those to which payments have not been made so far. The textile and clothing industry falls in this category, said the Minister.

The Government of Colombia will continue the process of identifying the details of those Venezuelan companies which are in a position to repay the debts.

The deferral of debt payments to the Colombian manufacturers is one of the reasons that led to the deterioration of the relations between both the countries last year.

Fibre2fashion News Desk - India

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