Textile sector out of recession

21 Jul '07

1 min read

Ushering a new chapter of growth and progress, Ramakrishna Sithanen, Deputy Prime Minister and Minister of Finance and Economic Development, said in his Budget Speech 2007-08 that the textile sector was no more mired in deep depression.

This year's Budget Speech was a welcome break from last year's economic recession that the country's suffered from. 2006 saw a downward trend of growth, falling purchasing power and unemployment that peaked like never before in last 20 years.

Now, only a year later, the signs of economic renewal are vivid. Sithanen said Mauritius Government will continue to lend a helping hand to textiles, clothing and jewellery industries among others and encourage them to export. He further added that plans are underway to open trading houses and by next year, the country would have begun operations in South Africa, Madagascar and Kenya.

Ramakrishna was confident that unlike last year, full employment was an achievable target in 2007. He said that strengthening economy has lead the Government to expect a wave of job creation in textile, clothing and other emerging sectors.

He further said that of the 500 women who will participate in a capacity building training programme, 125 will be from the garment-making industry.

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