Portugal launches 850 mln euro textile sector plan
Portugal's government has announced plans to spend 850 million euros ($1.2 billion) on a support package for the textile and footwear sectors, to help boost exports, obtain financing and prevent job losses. The textile industry represents around 12 percent of Portugal's export revenues and employs over 180,000…
Egytex News Desk
Source: Forbes
The Portuguese footwear industry has been less affected by the crisis, but recent job losses and salary payment problems at two of the largest manufacturers have shown it is not immune to the economic slowdown. 'Only a fool or a lunatic would risk saying that the companies (in these industries) don't currently have financing and export credit insurance problems,' said Economy Minister Manuel Pinho announcing the support package late on Tuesday.
The new plan includes giving firms access to bank credit lines with the state guaranteeing 50 percent of the credit risk, earlier access to EU funds, and government support for obtaining export credit insurance. The government will also seek to help the two sectors modernise by providing funds and fiscal incentives for technology investment and staff training and recruitment.
Source: Forbes
From the Egytex news archive, first published on 25 March 2009. Figures and names are as reported at the time.
