French textile companies are planning to make the textile recycling industry the centrepiece of a global textile market worth $2 trillion.

A joint venture between French textile company LVMH and the French National Textile Recycling Agency (GNRA) is expected to transform the industry and turn the waste into the raw material for a new generation of consumer goods, including clothing, footwear, food and beverage.

“The French textile industry has been in a state of crisis,” said Guillaume Gagneau, GNRA president.

“The current situation is unsustainable.

We are now starting to move into the next phase of the transformation of the industry, with the new LVMh/GNRA partnership.”

The initiative, which is being unveiled today, will be one of the largest in the world.

LVM hs textile factory in Montpellier, southern France, which employs some 3,000 people, has been struggling for years.

It has been forced to shut its plants because of the costs of running them and the high labour costs.

In the past two years, the French textile sector has seen a boom in demand.

The sector accounts for almost half of the world’s textile exports.

In 2017, France exported $9.8 billion worth of garments and apparel.

This is an increase of 13% over 2016, according to Euromonitor International.

GNRA plans to create more than 15,000 jobs in the textile industry, and export the textile products directly to countries in Asia and Africa, including China, India, Indonesia, Malaysia, Nigeria and Brazil.

The French National Recyclers Association estimates that the textile sector could be worth $3 trillion by 2025.

The French Ministry of the Environment estimates that by 2050, there will be more than 20 million garments made in the country.

The first phase of construction at the plant, which will be built in Montpelier, will involve building a 200-megawatt (MW) plant that will be able to process over 50 tonnes of waste annually.

The second phase will see a 1,000MW plant that is expected not to need any additional facilities.

The facility will produce 100 tonnes of recycled materials a day and process another 100 tonnes per day.

The total waste will be processed by a 1.5MW plant.

The project is expected be completed by 2022.

Gagneau said that by 2025, the textile market would be worth around $2.5 trillion.

“This is the most significant investment by any industry, especially in a country with the world-leading textile industry,” he said.

“It’s the beginning of a new era of growth in the global textile sector, and I’m proud to be part of it.”