CHINA: Korean-Funded Textile Firms Begin Production
Worsted fabric maker Anhui Xinhao Textile Co Ltd has been funded with US$26 million from South Korea's Shinwoo Co Ltd. It boasts 22,000 spindles imported from Germany and Italy and is expected to produce 6,000 tons of worsted fabrics and a million ready-to-wear garments annually.
All of its products will be exported to Europe, America, Japan and Korea and are expected to bring in $25 million of foreign exchange for the company.
Also funded by Shinwoo is linen textile maker Anhui Dongfang Textile Co Ltd. Financed with an investment of $7.5 million, it is expected to earn $6 million from exports.
The third new company is Dongxin Textile, which is equipped with $12 million worth of imported facilities and funded by Myungjin Co Ltd. It will produce 6.4 million metres of cloth and fabrics a year.
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