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Russian to focus on improving its domestic textile industry

YarnsandFibers News Bureau 2014-10-31 17:00:00 – Moscow

Russian Prime Minister Dmitry Medvedev mulling over improving domestic textile industry for which a meeting will be held on Friday in the Russian city of Ivanovo, known as Russia’s textile capital.

The participants in the meeting will consider the situation in the textile industry and its prospects alongside primary supplies to the textile industry and an impact of illicit manufacture and illegal imports of goods on the industry.

Medvedev is expected to visit the Krasnaya (Red) Talka Factory, textile company which was set up in 1780 as a cotton printing and dyeing factory, specialises in cotton fabric.

Over the six months of 2014 the Russian textile factories has received subsidies for purchases of primary goods, technical modernisation and investment projects disbursed from the budget amounting at 500 million roubles ($12.03 million).

The textile industry in Russia has an ethical tradition and commands respect in the global market. Though the Russian textile industry faced challenges in the past, it is now emerging as a competitive industry capable of foreign investment. Ivanovo city is rich in the production of cotton textiles.

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