Italy is looking to help its fashion industry with a plan that includes tax credits and access to funds for companies feeling the strains of the global economic crisis, Reuters reported. The industry warns its members risk "falling to pieces", with small companies being the hardest hit as demand for clothes and accessories falls. Industry Minister Claudio Scajola met on Thursday with industry representatives, who are seeking aid for the clothing, textiles, leather and shoes sectors. Sistema Moda Italia (SMI), which represents the textile and clothing industry, said it also included 50 million euros ($68.47 million) in funds for products that meet health and environment standards and another 120 million euros to help meet specific costs. Scajola said the objective was to "safeguard a sector that is fundamental to the Made in Italy (manufacturing industry) and to create conditions to allow its companies to be more competitive in international markets when the crisis ends". The initiative comes as the government pledges a fund for more than 1 billion euros to help small- and medium-sized business.
