Uruguay to introduce subsidies to support textile sector
16 Mar '12
1 min read
The Government of Uruguay has announced that it would introduce subsidies to help the country's textile and apparel sector, which has been affected due to the restrictions imposed by the Argentine Government on import of goods, including the introduction of the implementation of the non-automatic licensing system.
Fernando Lorenzo, Uruguay's Minister of Economy, said the Government plans to introduce 14 different measures, which include providing US$ 5 million in annual subsidies to help the country's textile and clothing sector.
The Minister said the Government's strategy is aimed at lessening the negative impact of the new measures introduced by Argentina, on workers and companies.
The Government will offer insurance cover to Uruguayan textile and apparel companies against the reduction in the employees' working hours, which may affect the production levels.
The Jose Mujica administration is also planning to increase the import tax on apparel items from the existing 8 percent to 15 percent.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
