The textile industry in Jiangsu province has seized the opportunities of the country’s belt and road initiative to boost its transformation and upgrading so as to bolster its global presence amid the country’s going global strategy.
The textile industry in Jiangsu tops the country with its annual output value hitting 1.5 trillion yuan.
Textile companies are therefore seeking greater global presence against the backdrop of the large basis to achieve assets re-allocation in the global context.
The province’s textile industry has set sail for its global voyage from SoutheastAsia.
The Hongdou Group has spearheaded the construction of the Sihanouk Special Economic Zone whichhas now settled 109 enterprises, of which 94 are Chinese-funded enterprises. Known as the landmark project of the Belt and Road Initiative, the joint venture industrial zone has achieved an output value of 554 million yuan,
With a hundred years of history, Wuxi First Cotton Textile Group, while continuing to maintain the high-end cotton base in Wuxi, has expanded its production capacity to Ethiopia with the construction of 300,000 spinning mills to tap into the new mid-range market.
Jiangsu Sunshine Group, the world's largest wool enterprise, has invested 980 million US dollars in Ethiopia’sAdama Industrial Park to construct a production base for worsted fabrics and high-end suits.
Heilan home recently in the Malaysian capital Kuala Lumpur out of the first store, becoming the first batch of brand output of Chinese garment enterprises.
At present, Jiangsu’s textile industry has launched 84 overseas projects in Southeast Asia, Central Asia, Africa, the United States, Europe and Australia, with the line of business ranging from cotton cultivation and processing, wool, cotton, dyeing, weaving to design, garment making, sales, services and trade.
Against the backdrop of the global economic downturn this year, the province’s textile sector maintained a year-on-year growth rate of about 8.6% in the first half of this year. Its foreign trade volume and profit also increased by more than 5% and more than 12% from a year ago.
