Portugal invests in textile stimulus

The textile industry represents approximately 12 percent of Portugal’s exports and employs more than 180,000 workers, but has been hard hit in the current world economic slowdown. The Portuguese government has announced a support package of $1.2 billion in financing for the beleaguered industry, including providing bank credit with the state guaranteeing 50 percent of the risk, offering earlier access to EU funds and lending government support for obtaining export credit insurance. The package includes fiscal incentives for technology investment and staff training in a move to modernize the industry.