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Low cost of textile production pulls in huge investments

03
Jun '08
Textile industry of Peru has gradually come to a stage where it is receiving special preference of client countries backed by its low cost of labor, thereby displaying an edge over sectors in other countries.

Apart from being ranked as one of the 15 lowest-cost countries in the world, Peru's textile industry has a host of other advantages to serve its end. High quality of raw material, duty-free access to US markets, low cost of production, proximity to North American market and vertical integration have all gone a long way in strengthening the exports of the country.

Besides, the capability of Peruvian businessmen to make timely delivery has earned the textile industry a reputation of a dependable supplier of small scale orders in times of emergency.

Mr Martín Reaño Vera of Textile Committee of National Industry Society told Fibre2fashion that there has been an increase in investment in the textile sector largely due to professionalism of the Peruvian businessmen together with natural abilities of domestic workers. Moreover, the country not only specializes in manufacturing excellent goods with different textile raw materials, but also in producing high-grade apparels made from foreign raw materials like upland cotton, wool and man-made fibre.

Mr Martin was confident when he stated, “Peruvian textile investments during 2008 will rise to about US $200 million.”

Most importantly, production of high technology machines and Free Trade Agreements with countries like US, Canada, MERCOSUR, Chile, Singapore and others have also attracted a considerable amount of foreign direct investments.

In keeping with the present scenario, the textile industry of Peru is likely to undergo massive development in due course of time provided the cost of production remains as conducive as during the existing circumstances.


Fibre2fashion News Desk - India


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