The Romanian Association of Cypriot Investors in Textile (R.A.C.I.T.) was established in September 2016 with the aim of representing and offering support to Cypriot Investors in the Romanian Textile industry.
In Romania, foreign investment over the past years gave rise to substantial job creation and has traditionally resulted in significant stimulation of the socio-economic development of the regions where such investment was taking place.
The textile sector was among the first and most important foreign investment areas that expanded in Romania from the early 1990s and continues to hold a position of primacy to this day. Indeed for more than one decade, the Textile Industry sector was one of the main export pillars of the Romanian National Economy.
Cypriot Investors held and still hold a position of prominence among these pioneer foreign investors in the Romanian Textile Industry. Together with their colleagues from other countries as well as from Romania itself, they have led the way in the introduction of new technologies and proceeded to create integrated production systems and supply chains in their field, while at the same time offering a high level of professional training for existing staff as well as new skills/vocational training for the unemployed working population.
As a result of these efforts, the Textile Industry in Romania was one of the first sectors in the Romanian Economy to conform to various European standards and their associated labor conditions while at the same time becoming one of the Textile production leaders in the whole of the European Union.
The fundamental logic behind the creation R.A.C.I.T. is not only to protect and advance the interests of the Cypriot Investors in the Textile sector, but to ensure that the success enjoyed by the Romanian Textile Industry in the past 2 decades is preserved and that the sector continues to prosper and to play a leading role in the European and Global Textile scene.
Towards this general principle, specific goals of the Association include:
1) The establishment of collaboration ties with similar organizations from Romania or abroad in order to better protect and advance the interests of the Romanian Textile Industry;
2) The close collaboration with government agencies and institutions in order to formulate policies which will maintain the competitiveness and further the successes of the Romanian Textile Industry;
3) The creation of public awareness & incentives programs which will inform the local population of the dynamism of the Romanian Textile Industry and help to provide incentives for the attraction of the necessary labor force;
4) The coordinated promotion of the Romanian Textile Industry and its products at an international level in order to highlight the advantages of the Romanian Textile sector to potential foreign partners and investors;
Founding members: Georghiades Nicolas – Chairman; Bambos Ioannou – Deputy Chairman; Bambos Andreou – Secretary General; Savva Marios – member; Kythreotis Nicholas – member.