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.
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
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.
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.
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