Argentina is taking a new tack in its efforts to boost its textile industry.
The Philippines has traditionally been a big supplier of textiles to the world, but the country’s economy has been suffering from years of overcapacity and its textile exports have fallen in recent years.
And while the country has seen a rise in demand for textiles, the government has been looking for ways to boost production and boost its economy.
But now, with the arrival of an Argentine textile company, the Philippines is making textiles its main export.
The country has an industrial capacity of about 6 million metric tons and an estimated GDP of $20 billion.
The government is targeting an annual capacity of 10 million tons and a GDP of at least $100 billion.
That means the Philippines would need to spend about $5 billion to make textiles into clothes for every 10,000 shirts produced, according to the Business Alliance for Sustainable Agriculture (BASSA), a trade association that has been lobbying for a textile trade agreement.
It’s a big investment for the Philippines, which has already been in a tight economic race with China for global apparel supremacy.
Brazil is the Philippines most important export market and its production of clothes has grown from about 6.4 million tons in 2010 to about 20 million tons last year, BASSA said.
Argentina’s textile sector has already gained attention because of its strong apparel industry, but it is now looking to expand to make clothing into other areas as well, including electronics.
The Philippine government is looking to invest in its textile sector to boost exports, according the BASSA statement.
The group said the government is investing in a number of sectors, including textile and apparel production, industrial and mining, agriculture, transportation, energy, and public administration.
The textile sector employs some 20,000 people and is a critical component of the economy, it said.
“The Philippines will continue to support its textile and clothing industry and to provide support to our textile companies,” BASSA President Carlos Gonzales said.
In the Philippines alone, BASPA says it has invested more than $3 billion in textile and textile-related businesses.
The BASSA group said it hopes the textile sector can become a key export driver for the country, because the country will need to increase exports to become more competitive in the global apparel market.