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Many Argentine textile firms to make new investments

Feb '12
More than 62 percent of Argentine textile and garment companies would be investing this year for expansion of their production capacity and to increase their competitiveness.

The annual survey conducted by the Foundation for K revealed that 62.9 percent of Argentine textile and garment firms are willing to make productive investments this year, Debora Giorgi, Minister of Industry, said.

The companies that were surveyed have shown interest in making new investments due to the projected demand growth driven by the country's developing economy and the confidence that they have in the effectiveness of the Government's steps to put curbs on imports and save the domestic industry from unfair competition.

Nike, Lacoste and Coteminas are among the companies that have laid out plans to invest and increase their production capacity, the Minister said.

Moreover, 51.4 percent of all companies surveyed were optimistic that sales would rise in 2012. Their optimism is based on certain factors including the good quality of their products, the expected growth in demand and the Government's support by implementing policies to protect the domestic market.

On the job front, 89 percent of the companies surveyed said they will retain the present workforce or even increase their number during the year.

Argentine textile and garment industry is expected to borrow the most from the Bicentennial Fund that extends finances for productive investment at a fixed annual rate of 9.9 percent in pesos.

The Bicentennial Fund has till now given green signal to 15 projects for over US$ 500 million that are likely to generate over 700 new employment opportunities.

The Argentine Government aims to increase the country's textile and garment production from the current US$ 3,618 million to US$ 9,200 million by 2020 by safeguarding the domestic value chain of textiles and garments, the Minister said.

She added that the Government also aims to increase textiles and garment production by 10 percent every year and thus generate 250,000 new employment opportunities by 2020.

Fibre2fashion News Desk - India

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