The Greek textile industry will face further fall in sales and revenues in the coming years if steps are not taken to arrest its slide, the Institute for Economic and Industrial Research (IOBE) observed on Tuesday.
Strong competition from countries producing low-cost goods after liberalisation in early 2005, has been a major hurdle for Greek industry.
Greek Textile industry failed to capitalize on the change over to a free market system in 2005.
Failure to create new infrastructure and update their equipment as banks did not advance funds, were the obstacles which the Greek industry had to confront.
Corrective measures can still be taken if all players make a concerted effort,said IOBE.
Production of cheap products should not be encouraged but quality products should be put in the market with competitive prices.
Products should be delivered as per the delivery schedule.
To increase market share, boutique shops must be created and participation in international trade fairs must be undertaken to showcase the products to attract foreign buyers, were some of the suggestions put forward by IOBE.
Investment funds for research and development in order to introduce new innovations should be provided to strengthen Greek textile enterprises.
Measures to avoid informal trade, removal of bureaucracy obstacles, rationalized tax system and increasing corporate governance are some of the reforms that should be encouraged to revive the textile industry,said IOBE.
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