Textile and ready-made clothing moved to the first place in the list of sectors that declared concordat the most in March.
Mustafa Balkuv, President of the Knitwear Industrialists Association (TRİSAD), said in an interview with Dünya Newspaper that the textile and apparel industry going through a challenging process due to inflation and exchange rate pressure, and added; "We were told to leave textiles in 2010. 40% of our exports were confiscated, but we stayed. Foreign exchange was suppressed by KKM, we still insisted. Our costs increased by 120%, we again remained. Interest rates rose to 70-80%, but we continued. But now the time come for us to leave, to Egypt. When we say we laid off 200 thousand people, the state says unemployment dropped to 8.7%. We say 'we are missing export orders due to our increasing costs',while the state says 'exports continue to break records'. Under these conditions, investments will either shift abroad or labor-intensive sectors will shrink by 70%. Growth is possible with credit, contraction or closure requires cash liquid."
