Apparel Online Bangladesh Magazine June Issue 2018 | Page 50

BEYOND BD THE LATEST NEWS HAVE YOUR SAY For the latest news on apparel and textile, make sure that you visit https://apparelresources.com/top-news/ Write to Apparel Resources, B-32, South Extension-1, New Delhi (110049), India or email: [email protected] Pak Budget 2018: Textile industry on top priority Textile industry will be on top priority in Pakistan’s Budget for FY 2018-2019. Pervaiz Malik, Minister for Commerce and Textile, affirmed this while speaking at an International Conference on ‘Textiles and Clothing – Inspiring Change’. The Minister further added that China-Pakistan Economic Corridor (CPEC) will further bolster the economic upsurge in Pakistan. The partnership between both the nations will extend beyond transportation and energy sectors, and will focus on textile that will receive ‘top’ priority. Pakistan Government has already sanctioned Rs. 50 billion in the present financial year for the development of the textile manufacturing industry. Notably, the present financial year has already witnessed a 7.17 per cent surge in textile exports from the textile hub. The Commerce Minister also remarked that the Pakistan Government has reduced the mark-up rate on Long Term Financing Facility (LTFF) from nearly 11.4 per cent to 5 per cent for a period of 3 to 10 years. This will further boost the textile sector. Additionally, uninterrupted supply of electricity and gas to the textile sector, including spinning and ginning industry in LTFF, are some other initiatives adopted by the Government. Pervaiz Malik also stated at the Conference that Technology Upgradation Fund schemes for the period 2016-2019 have also been notified. Besides, the textile machinery segment will continue enjoying duty-free import for the period 2017-2018. The Minister further added that under Prime Minister’s export package, textile machinery was made zero rated and this continued for the period 2017-2018. According to Pricewaterhouse Coopers, as mentioned by the Minister, Pakistan is all set to become one of the 20 largest economies worldwide by 2030 and the 15th largest by the year 2050. Vietnam's apparel industry feels the brunt of high-quality manpower shortage: AGTEK Strategies need to be framed soon to address the issue of high- quality manpower shortage in the textile industry of Vietnam. This was stated by Pham Xuan Hong, Chairman of the HCM City Association of Garment, Textile, Embroidery and Knitting (AGTEK) 50 Apparel Online Bangladesh | JUNE 2018 | www.apparelresources.com at an event organised in Ho Chi Minh City, recently. The textile manufacturing industry in the country is a major ‘job creator’. Currently, the sector has around 2.5 million jobs. However, the shortage of ‘skilled’ workers, majorly in dyeing or designing, is hurting the country. Hong further emphasised on the need to have strategies for developing high- quality human resources ‘right from now’. The absence of the much-needed skilled manpower has made local production of apparel materials undeveloped, which increases Vietnam’s dependency on imported materials. Additionally, despite being a global hub for textile and apparel manufacturing, the Vietnamese fashion brands are yet to be recognised by global consumers. Steps needed to generate high added value like designing products and building brands are still limited in Vietnam, and were majorly highlighted at the event. Out of 6,000+ textile-garment businesses in Vietnam, only around 30 per cent operate in textiles, including weaving, dyeing, printing and finishing fabric. Majority of them serve as manufacturers to foreign fashion brands. Just a few of them are able to create their own products, from manufacturing fabric, designing to making apparels.