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The United States based Dupont has announced that it is to focus its textile business in the Asia-Pacific region.
In an important step in the expansion of its Chinese market, Dupont has decided to spend a further 90 million U.S. dollars to enlarge a lycra factory based in Qingpu of Shanghai.
By September next year when the extensions are completed, the Dupont's annual lycra production will be raised from the present 4,000 tons to 10,000 tons.
The investment decision was made after Dupont set up a new subsidiary called Dupont Textiles and Interiors (DTI) by reorganizing its existing businesses last month.
"China and other areas of the Asia-Pacific region are our most important markets and will remain major markets for development," said Anthony Loo, chairman and general manager of Dupont Fibers (China) Co. Ltd.
Loo, who is also DTI north Asian market supervisor, explained that the textile business, especially the processing and apparel making sections, is being shifted from Europe and the United States to the Asia-Pacific region following continuous industrial upgrading in Europe and the United States over the past few years. China, being the largest exporter of textiles and garments, is not only the focus of the Asian market, but also the country to which multinationals shift their textile businesses.
At a news briefing held here Monday, Loo also disclosed plans to enlarge its fiber plant in Singapore and to expand business in the Republic of Korea.
(Xinhua News Agency March 14, 2002)
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