Apparel Online Bangladesh Magazine February Issue 2019 | Page 56

BEYOND BD APPAREL RESOURCES NEWSLETTERS FACEBOOK FRIENDS To subscribe, send us an email at [email protected] Join more than 10,000 people who are already fans of Apparel Resources on facebook. Search for Apparel Resources at https://www.facebook.com/apparelresources/ FTAs, investment in technology to drive Vietnam's garment and textile growth in 2019 The upcoming enforcement of free trade agreements (FTAs) and increasing awareness to invest in technology would be keys to Vietnam’s garment and textile sector making significant leap in 2019. The US-China trade war may also help the local garment companies in Vietnam to grab all the orders moving away from China and therefore local businesses are gradually realising the importance of investing in new technologies. 10 out of the 12 FTAs signed by Vietnam have already been enforced including the ASEAN- China FTA, the ASEAN-Korea FTA and ASEAN Trade in Goods Agreement (ATIGA). “We have proposed several measures to the Government and also to the relevant ministries and sectors to remove policies that create obstacles for doing business in garment and textile sector,” said Vu Duc Giang, Chairman, Vietnam Textile and Apparel Association (VITAS). Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which officially came into effect on 30 December 2018, is also expected to give the biggest boost to the country’s textile and garment sector. All these have made VITAS set an export turnover target of US $ 40 billion for the garment and textile sector this year, which is a rise of 10.8 per cent from what it was in 2018. It is worth noting that in 2018, Vietnam’s garment and textile industry clocked an amazing US $ 36 billion. Notably, many garment companies in Vietnam are already booked with orders for the first six months of 2019. Turkish garment and textile industry aims to increase exports by 10 per cent in 2019 The Turkish garment and textile industry aims to enhance its exports by 10 per cent in 2019 to reach US $ 29 billion mark. This was announced by Ismail Gülle, Chairman, Turkish Exporters Assembly (TIM) while talking to a news agency. Reportedly, according to TIM data, the textile and clothing industry exports increased by 3.8 per cent in 2018 to clock US $ 26. 1 billion. The Chairman added that the 2018 figure was quite short of the industry’s true potential. However, he was confident that Turkey’s textile and clothing industry will turn its currency advantage into an opportunity in 2019. increasing its stake to five per cent of the world market. “Instead of contract manufacturing, Turkish brands will help us achieve the target,” substantiated Gülle. He further said that in addition to focusing on US, Africa and the Far East, the country will ensure projects are carried out for Japanese and South Korean markets as well. It is important to note here that 500 stores showcasing Turkish brands will be launched across the globe in 2019. Turkey, which is at present the seventh biggest textile and garment exporter in the world, is aiming to become one among the top five exporters of the world by 56 Apparel Online Bangladesh | FEBRUARY 2019 | www.apparelresources.com “Our textile exports to the US and Africa, along with the EU, rose last year,” reasoned Ahmet Öksüz, Head, Istanbul Textile and Raw Materials Exporters Association. The country also hopes its apparel sector exports will increase by 10 per cent on a yearly basis in 2019, with continual focus on US, Russian, the Middle East and North African markets.