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Textile sector to see growth in 2010

28
Nov '09
Mauritius' textile sector will witness positive upturn next year on account of market diversification and an improved economic outlook in key export destinations, expected an official.

The sector witnessed a 4 percent fall this year against the growth of 8.5 percent in 2008. However, this year as the industry is witnessing diversification in European and Asian markets, industry entrepreneurs hope textile sector to grow by more than 1 percent next year.

Textile industry, which is considered as a traditional cornerstone of Mauritian economy, contributed 5.4 percent of gross domestic product in the year 2008 compared to 6.5 percent in 2007, as per the data released by Mauritius Chamber of Commerce and Industry.

Textile sector generates 11 percent of jobs in Mauritius and was the major recipient of the $340 million stimulus package announced in December.

It is necessary to improve competitiveness of this sector in the country in order to make exporters capable of availing the opportunities at the time when the global economy witnesses recovery, said the official.

Productivity improvement, efficiency development and penetrating value added markets would offer competitiveness to the sector, added the official.

Fibre2fashion News Desk - India


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