Syria's Textile Sector Loses $32m
DAMASCUS (AFP) —- Syria's state-run textile industry has lost $32 million in recent years, the ruling party's Al-Baath newspaper reported, slamming the figure as "catastrophic".
Egytex News Desk
Egytex
"The state textile industry has registered losses of 1.622 billion Syrian pounds (32 million dollars / 26.2 million euros) while some companies made a profit of only 78 million pounds (1.5 million dollars)," the daily said Sunday.
It said the losses accumulated before the end of 2003, but did not specify a time period.
The textile industry is traditionally considered a pillar of the Syrian economy, but has been hamstrung by "high production and energy costs, as well as high levels of waste," Al-Baath said. It added that some members of the industry "feared introducing reforms that could enhance its performance."
Syria has in recent years implemented reforms to develop its private sector, but the government insists that state industries will not be privatized.
CAPTION Workers at the state-owned al-Sharq cotton garment factory in Damascus.
From the Egytex news archive, first published on 10 June 2004. Figures and names are as reported at the time.
