Portuguese Government Rescues Textile Industry With Stimulus Plan
The Portuguese government has finally realized the fact that the textile industry is facing the widespread recession in the main markets of Portugal's textile industry (EU Member States), leading to deep pains in the textile and garment industry. The government must take urgent measures to help the textile industry survive the crisis of survival.
The government announced a 850 million euro stimulus plan for the domestic textile and garment industry. This will help the textile and garment industry to obtain low interest capital and promote exports, and to ensure that this labour intensive sector will not lose employment opportunities.
Portugal's textile and garment industry employs more than 180000 people, accounting for more than 12% of the European countries' export earnings.
Exports decreased by 6.5% in 2008, mainly due to a decrease in Spanish demand in its largest market.
The government also provides funds to encourage textile enterprises to modernize, encourage them to upgrade, and support export enterprises to obtain export credit insurance to help them obtain EU funds faster.
Editor in chief: Xu Qiyun
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