Textile Briefs International

1. Bangladesh’s export earnings from the apparel industry the lifeline of foreign currency earnings have seen only a 0.20% rise to $28.15 billion, which is the lowest on record in the last one and a half decades, in the just-concluded fiscal year, said  Commerce Minister Tofail Ahmed. He said Bangladesh’s overall export earnings stood at $34.83 billion in FY’17, which is 1.68% higher than the $34.25 billion a year ago. It is also the lowest in the last 15 years.

2. Ethiopia, one of the largest recipients of FDI in textiles globally, today invited textile companies from India to invest in African country saying it offered cheap power and lower labour costs. The country had seen investments from Indian firms in the past and was currently focussing on bringing more companies, said Ethiopian State Minister of Industry Bogale Feleke.

3. Egypt’s textile industry is currently struggling with a plethora of problems like absence of a clear policy for cultivating cotton and low liquidity of factories. The country is also facing issues with customs smuggling. The government is hoping to improve the industry and lower its rate of losses. The Egyptian government is currently holding meetings with consultants who are specialized in the textile industry to develop an investment plan timetable.

4. Indian Uttar Pradesh government is working on offering a slew of incentives to investors in the textile sector, said Chief Minister Yogi Adityanath. The government will facilitate private or government land to investors for setting up their units. It will also give assistance in setting up textile complexes, clusters for units of small and medium sizes, as well as textile parks.

5. After the two years considered the high point of FDI in the Vietnam textile industry (2014-2015), since the start of 2016, the number of FDI projects in this industry has decreased considerably. In early 2017, Chinese investors invested $220 million in the Vietnam polyester synthetic fibre plant in the southern province of Tay Ninh. Aside from this, however, capital flows consist mostly of capital expansion investments in existing projects.

6. Indian Readymade Garments (RMG) contributes to a lion’s share of global trade with a chunk of 55% in the total exports. India is ranked sixth with exports to the tune of $16 billion, which is around 40% of the country’s textiles exports. According to the Confederation of Indian Textile Industry, India contributes about 11% to industrial production, 17% to the manufacturing sector and, 2% to the GDP, and is the second largest employment provider after agriculture.

7. Bangladesh, Sri Lanka to seal FTA by 2017 end Bangladesh and Sri Lanka have agreed to seal a Free Trade Agreement (FTA) by the end of 2017. The decision was taken during Sri Lankan president Maithripala Sirisena's visit to Bangladesh recently. In order to boost the bilateral cooperation, a memorandum of understanding on economic partnership and 14 other agreements were signed between the two countries.


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