Apparel Online India Magazine May 1-15, 2019 | Page 53

BEYOND INDIA
Bangladesh's Square Group plans to almost
double up its spinning capacity
for stabilising supply chain
and controlling costs, has been
the forte of Square Textiles.
With an experience of over
20 years in the yarn spinning
industry, the company is
today counted among one
of the largest knitting and
weaving yarn manufacturers
in Bangladesh. The private
spinning mills can now cater
to about 100% demand for yarn
at the domestic level as well
as 95% of demand for yarn
for export. With a production
efficiency of 96.2%, Square
Textiles is today committed to
creating more sustainable and
eco-friendly products.
Square Group, Bangladesh’s
leading conglomerate, will
be investing in its group
company Square Textiles to
expand its spinning capacity.
In 2018, Square Textiles had
expanded its capacity to
produce 4,500 tonnes of yarns
annually, which is expected
to earn Taka 100 crore this
year. 2019 too may see the firm
enhance the annual production
capacity of 3,000 tonnes
(yarn production and fibre
dyeing), which is further
expected to generate Taka 72
crore annually. The spinning
sector, which is integral to any
textile and garment value chain
Nigerian industry urges Govt. to improve
infrastructure for struggling textile sector
Industry stakeholders in Nigeria
have urged the Government to
provide an infrastructure to revive
the country’s struggling textile
and garment industry. Following
the Government’s decision to
restrict the provision of foreign
exchange on import of textiles
and garments, the requirement for
a better infrastructure becomes
very essential for the sub-sector,
added the industry bigwigs. They
further said that only common
people will have to bear the brunt
of high prices as those in power
will continue importing textile
products in large quantities. “The
only way industry can revive and
bounce back is by having a right
infrastructure,” said Alhaji Aminu
Gwadabe, President, Association
To revive the industry,
power supply needs
to be improved
significantly. Besides,
reportedly, the increase
of value added tax
from 5% to 10% could
also negatively affect
the manufacturing
industry of the country.
– Adewumi Adewale, Financial
Secretary of Association of
Bureau De Change Operators
of Nigeria
of Bureau De Change Operators of
Nigeria, while elucidating on the
above.
Adewumi Adewale, Financial
Secretary of the Association,
too said at the opening of new
Exco of Commerce and Industry
Correspondents Association
of Nigeria, in Lagos, that the
Government has so far not done
anything worth to revive the dying
textile sector. He added that to
revive the industry, power supply
needs to be improved significantly.
Besides, reportedly, the increase of
value added tax from 5% to 10%
could also negatively affect the
manufacturing industry of the
country. Afam Mallinson Ukatu,
MD, NISPO Porcelain Company
Limited, corroborated on the
above that there will be no bigger
setback than factories shutting
down due to non-payment of taxes.
“It is very important to harmonise
taxes,” he added.
www.apparelresources.com | MAY 1-15, 2019 | Apparel Online India
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