“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. .
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It said the losses accumulated before the end of 2003, but did not specify a time period. .
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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.” .
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Syria has in recent years implemented reforms to develop its private sector, but the government insists that state industries will not be privatized. .
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CAPTION Workers at the state-owned al-Sharq cotton garment factory in Damascus.
Date:6/10/2004
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