Bolivian Vice President Álvaro García Linera has urged the domestic textile sector to work for greater economic growth.
Inaugurating the first International Garment Fair (Expotextil), at Fexpocruz in the City of Santa Cruz, Mr. Linera said the Bolivian economy has grown rapidly, and the textile activity has also increased, but not at the same pace as other industries. So, I urge the textile sector to concentrate more and increase its contribution to the national economy, he added.
The Vice President said that Bolivian textile production was valued at 2.2 million bolivianos in 2005, which increased to 3.776 million bolivianos in 2013, but the increase in not enough.
Although, there has been growth in textile production in absolute terms, the share of textiles in the country’s total output dropped from 1 percent in 2005 to 0.7 percent today, he said.
Mr. Linera said Bolivia has a stable economy and it is growing faster than the economies of other countries in South America, and added that it is necessary that small and medium producers take benefit of the credit facility with 11 percent interest rate to increase their production and exports.
He advised apparel producers to produce according to market requirements and also improve the quality of their garments. He said that people are now looking for special designs and quality clothing.
The Vice President also said that the Government is ready to provide support, information, training in technical procedures, etc. to develop clothing for exports.
According to Mr. Linera, the sixties were the golden years of Bolivian textile industry, but then the performance of the industry declined thereafter due to growth in imports and reduction in production by small and medium textile enterprises. However, the textile sector has potential to export higher quantities of goods.
From January to May 2014, Bolivia already exported textiles worth US$ 24 million, and the country can achieve export target of $60-65 million for the current year, the Vice President said.
More than 150 textile companies are exhibiting their products in Expotextil Bolivia, which will go on till July 27, 2014.