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Foundation Stone for an upcoming garment processing unit under the Special Economic Zone Authority Programme of the Government of Nepal was laid by Prime Minister KP Sharma Oli recently .
The garment processing factory is being set up in South Nepal ’ s Bara District with an investment of around 10 billion Nepali Rupees . The unit will be spread over an area of more than 61.45 million square feet .
Despite being a member of the World Trade Organization ( WTO ) and the South Asian Free Trade Area ( SAFTA ), which promises hassle-free cross-border movement of goods and services , Nepal still struggles to increase its exports .
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The lack of product diversification is one such factor because of which Nepal witnessed a decline in export of readymade garments in recent years . The country reported a 9.9 per cent drop in export earnings to Rs . 5.3 billion in the previous fiscal , reveals the latest available report .
The country started reporting a decline in export of readymade garments to the US from 2003 after it revoked dutyfree , quota-free market access to Nepali products . The country used to be its largest buyer till 2000 .
Later in 2016 , the US evoked duty-free access to 77 tariff lines under the Trade Preference
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Programme for Nepal . The Nepalese Government kicked off the construction of a Rs . 2.5 billion garment processing zone |
spread over 300 bighas in Bara to amplify readymade garment exports from the country , earlier this year . |
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A fashion business centre will be set up in Busan , the secondmost populous city after Seoul in South Korea in order to help the textile and fashion industry grow .
The six-storied Busan Fashion Business Centre will be set up by the Busan Municipal Government with an investment of US $ 2.8 million from the South Korean Government in the central region of the city . The Centre will cover a space of 1,613 square metres of land in Beomil-dong .
Thousands of clothing shops and sewing companies are located in several traditional markets in Beomil-dong . The proposed Fashion Business Centre in Busan , the
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birthplace of textile industry in South Korea , will serve as a ‘ onestop control tower ’ for the textile industry in the port city .
The textile industry will be offered assistance in design , manufacturing and marketing of clothing and other fashion items from this upcoming centre . The textile sector has been vital in the country ’ s rapid growth in the past .
Busan Fashion Creative Studio ( BFCS ), launched in 2015 , will also be expanded by the Government . The primary aim of BFCS is to offer creative space and consulting support , mentoring and promotion and marketing programmes to fashion
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designers . A team of 20 designers are currently being supported by this studio .
“ We are determined to help the region emerge as the centre of the
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city ’ s textile and fashion industry by making it the place specialising in 21st century sewing and fashion , total fashion and jewellery fashion ,” an official said . |