Scotland’s textile sector has set itself new industry growth targets after exceeding its 2020 targets for turnover growth and research and development investment by 12% and 96% respectively. The latest industry figures, Scottish Enterprise says, recognise the significant gains in international trade which see the industry well on its way to achieving a 50% increase in exports by 2017.

Latest figures, released by the industry, show the sector has already increased turnover growth to £950 million and invested £2.02 million in R&D activity. As a result, the sector has revised its targets to achieve between £1.2 billion and £1.5 billion in turnover growth and £3.5 million in R&D expenditure by 2020.

Speaking at the Scottish Borders textiles summit yesterday in Hawick, the home of Scottish knitwear, Scotland’s Finance Minister John Swinney said: “The textile industry has made and continues to make a massive contribution to the economy. Today’s figures show the huge demand the sector has in markets across the world and the success of the industry.”

“The Scottish Government and its agencies are committed to helping the sector make the most of the estimated £81 billion global market. This is why we are looking to the future and investing in the sector to develop necessary skills and support required for continued economic growth.”

Head of textiles at Scottish Enterprise, Cathy Black, added: “The success of Scotland’s textiles sector is testament to its ambitious and innovative companies, which have a strong appetite for growth. In 2013 alone, we have supported over 40 companies to participate in leading international events such as CHIC in China, Decorex in London and in November, six rail interior companies will visit Cologne to exhibit at the Railway Interior Expo.

“It’s opportunities like these as well as the sectors strong heritage and world-class reputation in design and excellence, that help to support the sector’s ambitious target to increase exports by 50% by 2017 and contribute to its wider economic growth.”

“Working together with our partners and stakeholders we are committed to helping grow this important sector to Scotland.”

Scottish Enterprise is Scotland's main economic development agency which aims to deliver a significant, lasting effect on the Scottish economy. The organisation’s role is to help identify and exploit the best opportunities for economic growth. It supports ambitious Scottish companies to compete within the global marketplace and help build Scotland’s globally competitive sectors, working with a range of partners in the public and private sectors to attract new investment to Scotland and to help create a world-class business environment.