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Argentina attracts huge investments in textile sector

16
Apr '12
The textiles and apparel industry in Argentina attracted large investments last year and the trend is likely to continue this year as well.

A total of US$ 314 million worth of new investments were made in Argentine textiles and garment sector during 2011, Marco Meloni, President of the Foundation for Work, said.

He added that the investment in the textile and clothing segment in 2011 was the highest since 2003.

During 2003 to 2011, the textile and apparel sector in Argentina attracted investments of US$ 2,000 million, which enabled manufacturers to meet the increased demand from domestic market and growing competition from imports.

Based on a survey, the Foundation for Work estimates a further rise in investments in the Argentine textile and apparel sector in 2012, Mr. Meloni said.

The investments are likely in all areas of textile and garment value chain, which can be seen as a result of increased Government protection against imports, he stated.

Guilford Argentina (knitting), Eyelit (branded garments), Mafissa (yarns and synthetic fibers) and Italcolore (dyeing and finishing) are some of the projects that are already underway in Argentina.

He said the investment projects are designed to create new employment opportunities, upgrade technology at existing plants as well as to expand the existing production capacity.

Fibre2fashion News Desk - India


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