““Now we’re looking at Egypt and Uzbekistan, and if they offer good possibilities, that’s where we’ll go.” Konukoًlu said he expected Turkey’s textile industry to shrink by as much as 35 percent within the next 10 years . “While Uzbek industries have stagnated over the years under the repressive economic policies of authoritarian President Islam Karimov, the country’s economy grew by 3.6 percent in the first quarter of this year . “Chairman also expressed his views on country’s textile industry and believes that the production is bound to drop as it is going through a structural transformation .He explained that over-valued Turkish Lira and rising energy and labour costs led to a surge in imports that have adversely affected domestic industry .He said that the industry is facing hard times and is in danger of becoming less significant .Sanko Group enjoyed textile business share of 99 percent in 1994 which has now declined to just 60 percent .After investing on textiles for over a century, the SANKO Group diversified its activities and started investing in the fields of construction materials, finance, packaging, beverages and automotive in 1990’s .Source: reporter.gr.
Date:4/26/2006
Source: