From fibers to threads, fabric to ready-to-wear clothing, the textile industry covers an incredibly large area of business. With a total annual turnover of $70 billion, $31 billion in export and over a million employment opportunities it has provided, this industry holds a very significant place in the Turkish economy.
The main raw material of the textile industry is fiber; and as fiber resources are insufficient, the industry has turned to acrylic fiber. Turkey has a leading role in the world’s acrylic fiber market, in terms of both production and consumption. In an industry which has a high amount of competition both domestically and internationally, domestic manufacturers who especially wish to increase their competitive stature internationally are increasing their R&D operations. R&D projects in the textile industry usually focus on high-performance products produced by Nano-technology, functional products, economic and environmentally friendly approaches, developed technical textiles devoted to fields of diverse use, textile-reinforced composites and recycled products.
With the aim of taking domestic textile and garment manufacturers under protection, regulations drawn up in 2011 applied extra taxes on imported textile goods, from countries such as China, South Korea and India, which livened the industry in Turkey. Thanks to these new regulations, workshops and factories which were doomed to close down came back to life, the employment rate increased and domestically manufactured goods finally replaced the imported.
We are proud to be providing our services for many years to a number of textile companies who are in the top 500 industrial corporations in Turkey, some of which are open to the public.
Also, as procedures carried out in the textile and garment industry are subject to a low VAT rate, preparation of a CPA report for VAT reimbursements are part of our services.