The Textile Has Attracted Investments of More Than US$ 1 Billion

The textile and clothing sector of the South American country of Peru has attracted investments of more than US$ 1 billion during the five-year period between 2007 and 2012, the National Society of Industries (SNI) has said.
 
Mr. Mario Fiocco of SNI said the textile and apparel industry in Peru consists of 23,400 companies, representing around 13 percent of the total manufacturing in the country.
 
Speaking at a pre-event meeting of 'Expotextil Peru 2012', he said the domestic textile and garment sector has adopted export diversification to overcome the decline in demand from the US market.
 
He said textile and apparel companies, especially the small and medium ones, have benefited from export diversification.
 
He added that the US market is likely to show signs of slight recovery, which will help large companies to recover from the crisis.