High Local Costs Force Zhejiang Textile Cos to Invest Overseas
Source: Fibre2fashion Date: 2007-08-21
In the first half of this year, Zhejiang enterprises invested in 43 projects overseas, of which 36 were textile-based. Zhejiang has 2809 enterprises that invest in foreign countries, with total value reaching US $1.64 billion, which ranked first in the whole country.
Zhejiang Government said the investment of textile industry abroad obviously quickened this year, chiefly due to the continuously rising domestic costs.
Government also assured maximum support for the enterprises to set up the textile industrial parks overseas.
Now, construction of the economic trade cooperation area of Kangnai Group in Ussuriysk, Russia has been completed and several textile enterprises have started operations here.
