Athens News Agency: News in English, 06-02-01

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] French film fest in Crete

[02] Greek textile industry needs new strategy

[01] French film fest in Crete

During the February 4-8 cinema festival, French films will be projected at the Attikon cinema in Hania.

The films are quality and popular films of contemporary Frency cinematography, and relfect the modern-day film trends in France, according to a Polytechnic announcement.

ANA-MPA Copyright © 2004-2005 All rights reserved.

[02] Greek textile industry needs new strategy

IOBE, in an report, said further inaction could be catastrophic for the industry which was the steam engine of Greek manufacturing for several years. Based on current data, IOBE said, the textile industry's prospects were gloomy and a further shrinkage should be expected in the coming years. The biggest problem facing the sector was a strong competitive pressure from low-cost countries following a full liberalisation of the textile product market in early 2005.

The liberalisation of global markets found most domestic textile companies unprepared, the report said. During the critical period 1994-2004, before the transition to a free market in 2005, most domestic textile enterprises failed to take the necessary measures. They did not update their equipment and operating structures, failed to create new infrastructure and to timely adapt to a new global environment. Thus, a liberalisation of the market found them ill-prepared and weak to face increasing competition.

Greek textile enterprises also faced funding problems, since banks were reluctant to offer long-term loans leading companies to short-term borrowing -the last and most expensive solution to financing problems.

IOBE, however, noted there was still time to react and save the industry if there was a systematic and coordinated effort by all interested parties. The current situation cannot be solved either with an isolation of the Greek textile industry or with the adoption of some supporting measures.

The report said the textile industry must change its strategy by shifting competition from the production of cheap products to the production of quality products in competitive prices and in smaller delivery times.

Also, textile enterprises must adopt a more customer-based production and distribution system, to effectively exploit niche markets, creating boutique shops and promoting their products in foreign markets through participation in international trade fairs.

Greek textile enterprises also needed easier access to funding sources, more investments to support research and development, adopting innovation and introducing new technologies.

Combatting informal trade and the import of dumping priced goods and bureaucracy were also critical factors, as well as creating a stable tax system and emphasizing on corporate governance rules.

ANA-MPA Copyright © 2004-2005 All rights reserved.

Athens News Agency: News in English Directory - Previous Article - Next Article