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Colombian president promises help for textiles industry

02/08/2017
Colombian President Juan Manuel Santos has promised to financial support to textiles companies in the country, in the form of loans from the national bank.

Speaking at annual fashion fair Colombiamoda, Mr Santos said Bancoldex will provide $22 million to help companies in the fight against smuggling, the "the enemy of Colombian employment”.

Local press reported that textiles and clothing worth $4 million were confiscated at the border last year, and 1,200 criminal proceedings were opened against 'smugglers'. Cheap imports from Asia are undercutting the local industry.


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