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Biggest textile mill to relocate in Madagascar

03
Dec '08
The Mauritian Export Association recently announced that the biggest textile company on the island country, Socota Textile Mills (STM), was relocating its unit to Madagascar. The management on its part says that the decision has been taken due to increasing and high cost of operations.

The management comprehends an increase of at least US $3.5 million in costs by the end of the current year due to different reasons like appreciation of the Mauritian Rupee against the Dollar and Euro.

Among the main reason citied by the company, is that, shifting the factory to Madagascar would completely eliminate cost of shipping of fabric material from Mauritius meant for their garment manufacturing unit in Madagascar.

The association on its part says that many European countries have reduced their orders due to the ongoing recessionary trends in the last few months, but also added by saying that the domestic textile and garment manufacturers have lost their competitiveness in global markets.

Fibre2fashion News Desk - India


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