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Textile industry may show growth of 7% in 2007

15
Mar '07
The reports of the Manufacturers Association show that every Israeli textile worker currently produces $60,000 worth of textiles, which is eight times higher than the amount of their Chinese counterparts.

With this, the Israeli textile industry is likely to grow seven percent in 2007, reaching NIS10.7 billion, with exports to Egypt may pitch 30 percent during the year.

In 2006, the local textile industry grew one percent despite the fact that 10 factories were closed down.

In 2006, textile exports to Egypt were doubled reaching $54 million and are anticipated to touch $70 million in the current fiscal year. The Qualified Industrial Zones (QIZ) Agreement is signed with Egypt in February 2005.

According to this agreement, exports from the Egyptian companies to US will be tax-free, provided 35 percent of the product originates in Israel and Egypt, in which the Israeli component should be at least 11.7 percent of the product.


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