Russia to support development of Armenian textile industry

01 Oct '14

1 min read

The representatives of Russia, the United Nations Industrial Development Organization (UNIDO), and the Ministry of Economy, Armenia, have entered into an agreement for developing the textile industry in Armenia, Arka news agency reported.

According to the agreement, Russia has provided US$ 1 million to Armenia, via UNIDO, for implementation of the textile industry development program in Armenia.

The chief of the Ministry of Economy, in charge of the development of small and medium businesses, Armenia, Armen Yeganyan said in a statement that Armenian textile industry’s output makes up to 20-30 percent of domestic market.

He said that Armenian textile industry should increase its exports and its sales in the domestic market.

The light industry is one of the most important segments of the strategic development program that was launched this year, he added.

Armenia’s output of the clothing sector grew by 42 percent in the first half of 2014 and the textile industry achieved a 100.6 percent growth.

Armenia plans to increase the textile industry exports 4-5 times by 2023 and build up the share of domestic products at Armenia’s market by 50 percent, Armen said. (GK)

Fibre2fashion News Desk - India