The 'Textile Week' kicked off yesterday at the India Pavilion in EXPO2020 with the country looking at a fresh investment of $2.5 billion in the sector, which would be key to a 'Self-reliant India' and becoming a preferred global sourcing partner in textiles. The textile industry will showcase India's rich cultural heritage during the week and deliberate on key initiatives taken by the government to create an ecosystem for the country to become a preferred sourcing partner for textile and clothing. In a video message, Minister of State for Textile & Railways, Darshana V Jardosh, said, "The present-day Indian textiles not only reflect the glittering past but also cater to the demands of modern times. Indian textile industry is one of the largest in the world, with a large raw material base and manufacturing strength across the value chain." She added, "To further improve the industrial ecosystem, scale, and integrated value chain, the textiles sector is a key sector that will help in building an 'Aatma Nirbhar Bharat' or Self-Reliant India." The textiles sector contributes around 2-3% to Indian GDP, 7% to Industrial output, 12% to the export earnings of India, around 11-12% to total merchandize export and around 4.5 crore people are directly engaged with the textiles sector. Addressing the gathering, Vijoy Kumar Singh, Additional Secretary, Ministry of Textile, said, "Despite a decline in total trade of textile & apparel sector during 2020-21, growth in textile and apparel trade reflected an encouraging trend in 2021-22 (April-Sept) with an increase of 69%, and the same stood at USD 24 billion." He added, "India has a huge potential to grow in the textiles and apparel sector. The focus is on skills up-gradation, financial assistance, and integrating the sector with the latest technology." The PLI scheme worth Rs 10,683 (USD 1.45 Bn), launched by the Minister of Commerce and Industry, Consumer Affairs and Food & Public Distribution and Textiles, Piyush Goyal, will help boost manufacturing, increase exports and attract investments into the sector. India has also launched Mega Integrated Textile Region and Apparel Parks (PM MITRA) scheme with an outlay of INR 4,445 crore (USD 600 Bn) to build 7 mega textile parks. These parks will create a modern, integrated large-scale, world-class industrial infrastructure including plug 'n' play facilities. National Technical Textiles Mission Scheme approved in February 2020 with a four-year implementation period from 2020-21 to 2023-24, is aimed at improving the penetration of technical textiles and strengthening India's position as a global leader in technical textiles. Outlining the government initiatives, Jay Karan Singh, Trade Advisor, Ministry of Textiles, said, "The aim is to attract fresh investment of INR 19,000 crore (USD 2.5 Bn) and create an additional 7.5 lakh (0.75 Mn) direct jobs in the textile sector in coming years. The PLI Scheme will also aim to increase the turnover of the textile industry by a whopping INR 3 trillion (USD 40+ Bn) over the next five years." The 'Textile Week' will see participation from all the stakeholders in the sector, including Dr A Sakthivel, Chairman, Apparel Export Promotion Council; Chandrasekaran Thuvarapalayam Visvanathan, Chairman, Handloom Export Promotion Council; MA Ramasamy, Chairman, Powerloom Development & Export Promotion Council; Umar Hameed, Chairman, Carpet Export Promotion Council; Sanjeev Dhir, Chairman, Wool & Woollens Export Promotion Council; Bhadresh Dodhia, Vice Chairman, The synthetic and Reyon Textiles Export Promotion Council; Aakash Mittal, Vice Chairman, The Indian Silk Export Promotion Council; Prem Malik, Past Chairman, The Cotton Textiles Export Promotion Council & CITI and Vice Chairman, NSL Textiles Ltd. and T Rajkumar, Chairman CITI; Rakesh Kumar Verma, Executive Director, Export Promotion Council for Handicrafts; Siddharth Lohariwal, Vice-Chairman, Jute Products Development & Export Promotion Council and K Kalimuthu, Consul (Trade, Commerce & Economic), Consulate General of India besides other industry stalwarts.
Source: Times of Oman
The India-Bangladesh CEO Forum will meet soon for the first time, even as the two countries work towards finalising a Comprehensive Economic Partnership Agreement (CEPA) to deepen trade and economic ties as partners rather than competitors, Commerce and Industry Minister Piyush Goyal said on Sunday. Congratulating the Bangladesh Prime Minister Sheikh Hasina on the country’s transition from a less developed country to developing nation status, Mr. Goyal said India stands “shoulder to shoulder” with the country’s leadership and people in their development journey. Noting that India-Bangladesh supply chains worked uninterrupted through the pandemic, Mr. Goyal said improving connectivity is “imperative” for expanding and realising the potential for bilateral trade and investments. The two countries’ leaders have brought Delhi and Dhaka closer and can together bring economic prosperity to South Asia, he said. “Since 2014, we have scaled up our trade and economic engagement as partners and not competitors. Bangladesh is India’s biggest trade partner in South Asia with a volume of over $10 billion. We are looking to advance a CEPA with Bangladesh,” he said. India, he said, had sent over one crore COVID-19 vaccines to the country and has extended concessional credit lines of about $8 billion, the highest for any single country. “We are looking forward to hold the first meeting of the India Bangladesh CEOs Forum to promote mutual investments. A bilateral textile industry forum has also been constituted to facilitate cooperation in the textile sector,” Mr. Goyal said, emphasising that over 350 Indian companies are now registered in Bangladesh. “India is also developing two Indian economic zones at Mirsarai and Mongla. Prime Minister Narendra Modi’s invitation to 50 young entrepreneurs from Bangladesh will further augment our ties,” he pointed out at the Bangladesh International Investment summit. The summit’s theme Shonar Bangla, he said, truly reflects its growth story. The Minister identified five focus areas that could strengthen bilateral economic ties — technology, connectivity, entrepreneurship, health and tourism — and said “a true partnership is about encouraging and assisting each other in their responsibilities and aspirations”. “Sharing a common history gives us an opportunity to make new history together. Let us work with the spirit of friendship and brotherhood to write a new chapter of economic prosperity in South Asia,” he said in conclusion. The two countries will be celebrating December 6 as Maitri Divas, to mark 50 years of Bangladesh’s independence and its bilateral ties with India which was the first country to recognise its independence, along with the birth centenary year of its founder president Bangabandhu Sheikh Mujibur Rahman.
Source: The Hindu
Strong domestic as well as export demand will improve year-on-year (YoY) sales volumes of overall textile sector in FY22, said India Ratings and Research (Ind-Ra). Strong domestic as well as export demand will improve year-on-year (YoY) sales volumes of overall textile sector in FY22, said India Ratings and Research (Ind-Ra). According to the agency, domestic as well as export demand will sustain during the rest of FY22. Besides, it has maintained the rating outlook of the sector at 'Stable' for the reminder of FY22, expecting a sustained improvement in the sector players' profitability and the continued deleveraging of their balance sheets. "The strong operating cash flows will lead to an improvement in their credit metrics, despite the likely increase in the working capital requirement on the back of the higher sales volumes and increased capital expenditure." "The benefits of integrated business operations, healthy balance sheet liquidity and operating efficiencies over FY22 have already been factored into the ratings." As per the agency, the domestic demand improved over '2HFY21' before declining marginally during '1QFY22', due to the closure of malls and retail spaces in cities. "The demand is likely to improve from '2HFY22' with the easing of restrictions but remain vulnerable to any further restriction. Also, the demand from spinning mills seems to be recovering ahead of festivities in India." "During '1QFY22', players witnessed a rise in volumes YoY, although it declined marginally QoQ." Accordingly, segments such as cotton yarn and fabrics witnessed a higher YoY demand from downstream players during '1HFY22'. "The domestic demand for home textile has sustained, whereas that for woven fabric and apparels is likely to improve with the opening up of retail shops and malls from '2HFY22'." Furthermore, the agency expects the export demand to improve moderately in 2HFY22 on the back of accelerated vaccination and 'China Plus One' sourcing strategy. "The demand is likely to improve further FY23 onwards. Furthermore, the ongoing impact of the sourcing restriction of China (Xinjiang) cotton, could play an important role in boosting the demand."
Source: Sentinel Assam
The ‘Textiles Week’ was inaugurated by Shri Vijoy Kumar Singh, Additional Secretary, Ministry of Textiles along with Shri Jay Karan Singh, Trade Advisor at India Pavilion in “DUBAI EXPO’ 2020 in the presence of heads of participating Export Promotion Councils, yesterday. An interactive session on the ‘Sourcing and Investment Destination for Textiles Production Linked Incentive (PLI) Scheme - A Game Changer’ was also organised at the Dubai Expo. The objective of the interaction was to project India’s commitment towards attracting investments in the Textile Sector so as to enhance production and thereby exports. In his address Chairman EPCH, Shri Raj Kumar Malhotra, said that the India Pavilion at Expo 2020 Dubai is one of the biggest platforms that offers a golden opportunity to showcase India to the world and project the country as the next hub for growth and innovation. The Expo will be open seven days a week, from 10 am to 12 pm (midnight) from Saturday to Wednesday and 10 am to 2 am (night) (Thursday and Friday). Website: https://indiaexpo2020.com/ Speaking on the occasion, Shri R.K. Verma, Executive Director-Export Promotion Council for Handicrafts (EPCH), informed that handicrafts is one of the important exports from the Cottage sector of the country and has immense potential in the overseas market. With the exports of around US$ 3500 million, the handicrafts of India are sold across the globe and India is one of the preferred destination of the overseas buyers for sourcing home, lifestyle, fashion, furniture and textiles items from India. The Dubai Expo 2020 is a World Expo, currently hosted by Dubai in the United Arab Emirates from 1st October 2021 to 31st March 2022 with 192 participating country Pavilions. Union Minister of Textiles, Commerce & Industry, Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal inaugurated the India Pavilion on 1st October, 2021. The India Pavilion at Expo 2020 Dubai reflects India’s commitment to the philosophy of लोका: समस्ता: सुखिनोभवन्तु(LokahSamastahSukhinoBhavantu), which means, “May everyone, in the whole world, be happy.” Informed Mr. Raj Kumar Malhotra, Chairman EPCH. EPCH is a nodal agency under Ministry of Textiles for promoting exports of handicrafts from the Country to various destinations of the world and projecting India’s image abroad as a reliable supplier of high quality handicrafts goods & services. The Handicrafts exports during the seven months of current financial year from April to October, 2021-22 is Rs. 19119.48 Crores registering a growth of over 50.88% over the same period last year.
Source: PIB
Goyal pitched for making mediation the preferred mechanism for commercial dispute resolution, instead of rushing to courts every time there is a dispute. The government is considering a proposal to trim the frequency of renewals and permits that are to be obtained by companies, commerce and industry minister Piyush Goyal said on Saturday, as he called for further reduction in India Inc’s compliance burden through greater collaborative efforts by both states and the Centre. “Our effort, along with states, is to eliminate burdensome compliances, or reduce the need for licensing, reduce the regulatory burden, permissions, and rationalise the renewal process. But it only happens when we work together. Self-regulation and self-certification should be the way forward,” the minister said at a CII event on ease of doing business for Aatmanirbhar Bharat. The department for the promotion of industry and internal trade recently said the government had scrapped the need for more than 22,000 compliances, decriminalised as many as 103 offences and removed 327 redundant provisions and laws in recent years to ensure greater ease of doing business. Goyal pitched for making mediation the preferred mechanism for commercial dispute resolution, instead of rushing to courts every time there is a dispute. He also favoured deeper engagement among industry, government and judiciary to find solutions to the vexed issues of delay in the resolution of commercial disputes within the country’s legal framework. The minister also exhorted industry to tap the regulatory compliance portal as well as industrial land bank portal and share their feedbacks to further improve on them. “We are looking at the availability of industrial land at affordable prices. Self-regulation must be the norm. I urge industry to suggest ways to move towards transparency and selfregulation,” Goyal said. Speaking on the occasion, Niti Aayog chief executive Amitabh Kant said while the Centre has expedited the process of reforms, states need to keep up the pace. There is scope for a lot of reforms by states and those in eastern India hold immense potential. The Centre has also opened up several sectors, including coal, mining and petroleum, for greater competition and this will lead to transfer of technology and help leverage natural resources, Kant added.
Source: Financial Express
Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal has said we have to find new ways of financing infrastructure. Addressing the CII National Conference on ‘Ease of Doing Business for Aatmanirbhar Bharat’, Shri Goyal said a New India will be powered by Aatmanirbhar Bharat & Ease of Doing Business (EoDB). “The very fact that the Prime Minister spoke of going into the Top 50 just changed the way all of us looked at, - government and industry,” adding, “The Prime Minister is already edging us, - 50 was an initial target I set in the first term, now you have to be more ambitious, - you should be in the Top 25!” said Shri Goyal. Noting that the Top 40 countries are “very highly Developed countries, Shri Goyal pointed out “piercing that curtain and then doing better than them is a Big Challenge!” “So! That’s what we are here for!” said Shri Goyal, quoting the Prime Minister. Shri Goyal listed out the Government’s 5 ‘Is’ (Intent, Inclusion, Innovation, Infrastructure & Investment) approach to make India self-reliant. “Believe me! The most Developed countries and some of the countries who are currently on a fast trajectory of growth, if you study their growth story, you will find it one of their biggest pillars of growth story is Innovation! There are new ideas, new ways of doing things,” he said. Quoting the Prime Minister Shri Narendra Modi, Shri Goyal said the ultimate aim of EoDB reforms is to achieve Ease of Living for citizens. “I think, today India means Business and the world recognizes that. With political stability, policy continuity, progrowth & pro-business thinking in the Government and in our young entrepreneurs and the Startups, in our traditional businesses, this is the time to really go for it.” Shri Goyal said the Government is undertaking five structural reforms for EoDB: 1. National Single Window System, - a one-stop-shop for approvals & clearances needed by investors & businesses. It includes Know Your Approval, Common Registration Form, Document repository, etc. Portal hosts approvals across 18 Central Departments & 9 States. Shri Urging all the industry stakeholders to use the NSWS and give feedback & suggestions, Goyal said, “Further, another 14 Central Dept. & 5 States will be added by December’21, but our ambition is much, much more.” 2. Industrial Land Bank, - a GIS-based portal, serving as a one-stop repository of all industrial infrastructure related information. Integrated with GIS systems of 17 states, the ILB has a database of more than 4,000 industrial parks mapped across an area of 5.5 lakh hectare of Land. “You will be amazed, Ladies & Gentlemen, there’s 1 lakh ha of land available for industry, for business across the country,” said Shri Goyal. 3. Regulatory Compliance Portal, - it’s a real-time dashboard under direct monitoring of the Cabinet Secretary to track progress. States & UTs have eliminated burdensome compliance by removal of unnecessary licenses, permissions, rationalization of renewals, self-regulation and self- certification should be the way forward. 4. State Reforms Action Plan (SRAP), - Centre working with the states trying to promote healthy competition in a spirit of cooperative federalism among states & led to digitization of procedures. Shri Goyal said, a 301-point State Reforms Action Plan, 2020 has been shared with the States/UTs covering 15 reform areas. 5. PM Gati Shakti, - launched to build next-Gen infrastructure, the Gati Shakti portal provides multimodal connectivity to ensure integrated & seamless connectivity. Underlining that Gati Shakti will break departmental silos & institutionalize holistic planning, Shri Goyal said all Departments will now have visibility of each other’s projects through a centralized portal. Shri Goyal said our Industry will have to lead the way in India’s endeavour to become Aatmanirbhar. “I would like to emphasis on 4 points for enhanced industry contribution,” he said.
1. For Indian Inc to be the best, need to have a greater appetite for taking risks.
2. “Holistic solution” to commercial disputes problems.
3. Need to “Look beyond cost” for building a “Resilient Ecosystem”.
4. Greater focus on Innovation, Sustainability and “Brand India”. Making a quote, “Opportunity does not knock, it presents itself when you are actively looking for it”, Shri Goyal said India today is the new land of opportunities, inviting the world to “Ideate in India, Innovate in India & Make in India - For the World.”
Source: PIB
Sri Lanka, reeling under an economic crisis following Covid and mounting debt due to heavy borrowing from China, has reached out to India to boost its sagging economy with Finance Minister Basil Rajapaksa undertaking a visit to India in near future. The Lankan Finance Minister’s visit is meant to not only secure loans but also seek wider cooperation on a range of other matters, including investment, trade and tourism. Rajapaksa is scheduled to meet PM Narendra Modi, Foreign Minister S Jaishankar and Foreign Secretary Harsh Vardhan Shringla besides a slew of other officials. India recently bailed out Lanka with fertilisers for the island’s farmers after Chinese made fertilisers had to be rejected on grounds of quality. The Lankan government has strongly argued against repeated calls led by the main Opposition Samagi Jana Balavegaya (SJB) for seeking the assistance of the International Monetary Fund (IMF). Lankan officials have claimed that external factors including Covid contributed to the current state of the economy. It is hoping that its special ties with India will help to overcome the crisis. The Indian High Commission in Colombo has repeatedly stated that Sri Lanka would receive priority in line with India’s ‘neighbourhood first policy’. Basil Rajapaksa presented the country's budget earlier this month and declared that the government was confident that the country would not default on its debts and would work to improve its foreign exchange reserves. “Sri Lanka has never defaulted in its history and that record will be maintained,” Rajapaksa claimed. Lanka's oil bill has jumped 41.5 per cent to $2 billion in the first seven months of this year, compared to last year. The country is facing a severe foreign exchange crisis after the pandemic hit the nation's earnings from tourism and remittances. The country's Gross Domestic Product has contracted by a record 3.6 per cent in 2020 and its foreign exchange reserves plunged by over a half in one year through July to just $2.8 billion. This has led to a 9 per cent depreciation of the Sri Lankan rupee against the dollar during the past year. The tourism industry, which represents over 10% of the country’s Gross Domestic Product and brings in foreign exchange, has been hit hard by the coronavirus pandemic. India has traditionally been among Sri Lanka’s largest trade partners and Sri Lanka remains among the largest trade partners of India in the SAARC. In 2020, India was Sri Lanka’s 2nd largest trading partner with the bilateral merchandise trade amounting to about $ 3.6 billion. India is also one of the largest contributors to Foreign Direct Investment in Sri Lanka. A number of leading companies from India have invested and established their presence in Sri Lanka. FDI from India amounted to about US$ 1.7 billion during the period 2005 to 2019. The main investments from India are in the areas of petroleum retail, tourism & hotel, manufacturing, real estate, telecommunication, banking and financial services.
Source: Economic Times
Data shows that business optimism for the fourth quarter of this calendar year is the highest since the second quarter of the calendar year 2014 with the construction sector most optimistic on the level of the selling price, inventory levels, and hiring of employees. Data shows that business optimism for the fourth quarter of this calendar year is the highest since the second quarter of the calendar year 2014 with the construction sector most optimistic on the level of the selling price, inventory levels, and hiring of employees. The Dun & Bradstreet Composite Business Optimism Index (BOI) for Q4 2021 stands at 94.6, up 27.4% compared to the Q3 2021 survey. Data shows five out of six optimism indices have registered an increase as compared to Q3. Arun Singh, Global Chief Economist at Dun & Bradstreet says the GDP growth during the October-December quarter of 2021 is likely to be strong as the BOI has surged to an almost eight-year high. The survey shows that around 79% of the respondents expect the volume of sales to increase in Q4 2021, compared to 67% the quarter before. 62% of the respondents expect an increase in net profits in Q4 2021, compared to 48% in the quarter before. “The consumption boost to India Inc., from easing lockdown restrictions, pent-up and festive demand, arrears payment of dearness allowances along with improving consumer confidence levels, are quite evident from the optimism for new orders which has climbed to the highest level since Q3 2014,” Singh added. 49% of the survey’s respondents expect an increase in the size of their workforce employed during Q4 2021 while 45% anticipate Some other key findings: · Optimism for the volume of sales stands at 79%, highest in three quarters · Optimism for new orders stands at 79%, highest since Q3 2014 · Optimism level for net profit stands at 62%, highest in three quarters · Optimism for the level of inventory stands at 38%, lowest in three quarters · Optimism for selling price stands at 49%, highest since Q2 2012no change. 6% of the respondents expect their workforce size to decline.
Source: Economic Times
However, in the absence of a strict time-line for reconvening the ministerial, which typically brings in the urgency to resolve outstanding issues, developing countries will find it difficult to make substantial headway in negotiations anytime soon. Following persistent attack by the US on countries, including China and India, for “self - designating” themselves as developing nations at the WTO to enjoy special and differential trade benefits, New Delhi has rooted for a policy of voluntary forgoing of such a status. As the 12th ministerial of the World Trade Organization (WTO), scheduled to start from November 30, gets deferred indefinitely due to emerging Covid situations, fate of several critical issues relevant to developing countries, particularly India, hangs in balance. Official sources told FE that New Delhi, meanwhile, will continue to work with other developing nations and press for key demands, including a patent waiver to manufacture Covid-19 vaccines, a permanent solution to its public procurement programmes for food security, no immediate end to fishery subsidy for most developing countries, and WTO reforms. However, in the absence of a strict time-line for reconvening the ministerial, which typically brings in the urgency to resolve outstanding issues, developing countries will find it difficult to make substantial headway in negotiations anytime soon. But the key is to “keep persisting”, they added.
Public procurement Foremost among the demands by India and the rest of the so-called G-33 (a coalition of developing nations) is a permanent solution to the issue of public procurement for food security. India’s key procurement programmes are protected from penal provisions under a peace clause secured at the WTO’s Bali ministerial in 2013 (its permanent status was affirmed in late 2014). But some countries started making fresh demands on safeguards and transparency obligations after New Delhi invoked the peace clause for its rice procurement in 2018-19 and 2019-20. New Delhi has been seeking a lasting solution at the WTO so that this protection under the permanent peace clause gets further bolstered and even if a member-nation reneges on its promise and complains about India’s procurement programme, the disputes settlement mechanism of the global body won’t consider its appeal. It will also seek a special safeguard mechanism for developing nations, along the lines of the one available to the developed ones, to protect their farmers from any irrational spike in imports. Patent waiver for Covid vaccines India will continue to work with allies to put pressure on developed economies like the EU for an intellectual property rights waiver for Covid-19 vaccines and supplies to better fight the pandemic across the globe. The proposal–floated jointed by India and South Africa a year ago–has faced stiff resistance mainly from the EU, the UK and Switzerland, although the US, after initial reluctance, endorsed the waiver. Shyamal Misra, a joint secretary at the commerce ministry, said on Thursday that India would not just speak for itself on the issue but for other developing countries it is closely working with. Fishery subsidies New Delhi favours a 25-year exemption from over-fishing subsidy prohibition for developing countries that are not engaged in distant-water fishing. At the same time, it suggests big subsidisers abolish their dole-outs within these 25 years, setting the stage for most developing nations to follow suit. India believes that big subsidisers (advanced fishing nations) must take greater responsibility in scrapping their dole-outs and reducing fishing capacities, in sync with the principles of “polluter pays” and “common but differentiated responsibilities”. Massive subsidies, extended mostly by large fishing nations, have contributed to the overexploitation of the world’s fish stocks. An independent study by a group of authors, led by U Rashid Sumaila of University of British Columbia, shows the fishery subsidy in India stood at only $227 million in 2018, way below $7.26 billion in China, $3.80 billion in the EU, $3.43 billion in the US, $3.19 billion in South Korea and $2.86 billion in Japan.
WTO reforms Following persistent attack by the US on countries, including China and India, for “self - designating” themselves as developing nations at the WTO to enjoy special and differential trade benefits, New Delhi has rooted for a policy of voluntary forgoing of such a status. It has also stressed that any reform agenda must be “development-centric, preserving the core values of the multilateral trading system and strengthening the provisions of special and differential treatment” for poor and developing countries in both existing and future pacts. New Delhi has also called for expeditious restoration of the almost- dysfunctional Appellate Body of the WTO for dispute resolution, without diluting its core features. The US has blocked the appointment of judges, thus crippling the WTO’s appellate mechanism.
Source: Financial Express
Vietnam’s textile-garment industry is expected to earn $40 billion in exports in 2022, when the COVID-19 pandemic is expected to ease in Vietnam and across the world, according to industry experts. Pham Xuan Hong, chairman of the Ho Chi Minh City Textile, Garment, Embroidery, Knitting Association, said businesses have received relatively abundant orders for the last three months while manpower changes are not too big, which augur well for recovery. HCM City-based Viet Thang Jean Co. Ltd has resumed operations since the start of October and is striving to produce 1.2 million products for export to eight European countries. Its apparel products have been shipped to Europe for sale in the Christmas and New Year holidays, it said. It has received orders for production until the end of June 2022, a Vietnamese newspaper reported. The Vietnam National Textile and Garment Group (Vinatex) feels out of three scenarios, in the first, in which production resumes in the fourth quarter of this year and Q1 of 2022 and more than 80 per cent of workers return to factories, exports may reach $40 billion, higher than the revenue of $39 billion in 2019 a Vietnamese newspaper reported. In the second scenario, in which production resumes in Q4 of 2021 and Q1 next year but only more than 70 per cent of workers come back, and the number of returning workers increases by 10 per cent quarter on quarter, overseas shipments may reach $38 billion USD. In the third, if production is unable to regain complete stability in Q1 next year, and less than 60 per cent of workers return to their workplace, and the number rises by 10 per cent quarter on quarter, exports would reach only $36 billion, according to Vinatex.
Source: Fibre2 Fashion
The exports of textile and apparel from United States increased by 20.15 per cent yearon-year in the first nine months of this year. The value of exports stood at $16.750 billion during January-September 2021 compared to $13.941 billion in the same period last year, according to data from the Office of Textiles and Apparel, US department of commerce. Category-wise, apparel exports increased by 28.94 per cent year-on-year to $4.385 billion, while textile mill products rose 17.31 per cent to $12.365 billion during the first nine months of 2021. Among textile mill products, yarn exports increased by 26.09 per cent year-on-year to $2.902 billion, while fabric exports were up 15.79 per cent to $6.451 billion and made-up and miscellaneous article exports grew 12.92 per cent to $3.011 billion. Country-wise, Mexico and Canada together accounted for nearly half of the total US textile and clothing exports during the period under review. The US supplied $4.726 billion worth of textiles and apparel to Mexico during the nine-month period, followed by $3.911 billion to Canada and $1.051 billion to Honduras. In recent years, the US textile and clothing exports have remained in the range of $22-25 billion per annum. In 2014, they stood at $24.418 billion, while the figure was $23.622 billion in 2015, $22.124 billion in 2016, $22.671 billion in 2017, $23.467 billion in 2018, and $22.905 billion in 2019. However, the value decreased to $19.330 billion last year due to the effect of COVID-19 pandemic.
Source: Fibre2 Fashion
Sri Lanka, a South Asian developing country, is confronting challenges of economic vulnerability. A rising trend of trade protectionism with new hidden barriers and deglobalization in the global market are impeding the economic and investment sectors to promote global trade sustainably. In this context, China’s open door and cooperation policy offers a glimmer of hope for the region’s prosperity and development, resuming economic growth at a faster rate. In order to fulfill President Xi Jinping’s pledge to turn the Chinese market into a market for the world, a market shared by all, and a market accessible to all, China has taken a number of concrete steps in recent years, including an all-round opening-up strategy that allows foreign enterprises greater access to the domestic market and a foreign investment law that ensures a business-friendly environment. At the same time, China has taken new steps to strengthen bilateral, multilateral, and regional cooperation by joining trade blocs such as the Regional Comprehensive Economic Partnership (RCEP), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), hosting a series of mega trade exhibitions and improving connectivity through the Belt and Road Initiative (BRI). Of them, China Import and Export Exhibition (Canton Fair), China International Import Expo (CIIE), China International Fair for Trade in Services (CIFTIS), China-ASEAN expo, China-South Asia expo, Euro-Asia Economic Forum and Trade Cooperation Expo, Intertextile Shanghai Apparel Fabrics, and China Yangling Agricultural High-tech Fair are all key exhibitions that will undoubtedly be of great significance to developing economies like Sri Lanka, Bangladesh, Pakistan. It is expected that participation’s in these forums would open new avenues of business opportunities and further enhance bilateral relations . According to China Customs data, Sri Lanka’s goods export to China grew by 111.2 per cent year-on-year in the first three quarters of 2021. Despite the fact that bilateral trade favors China heavily, Sri Lanka has enormous potential that has yet to be realized. It is mentionable that China imported goods worth $2.4 trillion in the 2019-20 fiscal year. In the next ten years, China is expected to import a total of $22 trillion worth of goods. Hence, China’s Expo platform will provide a great opportunity for Bangladesh to explore the vast Chinese market and expand exports to bridge the bilateral trade gap and increase revenue. Sri Lanka exports mostly textiles and garments (52% of total exports) and tea (17%). Others include: spices, gems, coconut products, rubber and fish. Though its Main export partners are United States, United Kingdom and Germany, China could be new investment destination. The expos are important ways to learn about Chinese consumer preferences and to tap into vast China market. Participating these expos countries can display and popularize its flagship products and diversify its export destination globally as a large number of buyers, entrepreneurs and companies from Europe, America, Australia, Southeast Asia, Middle East, and Africa attend there. For example, the ChinaASEAN Expo (CAEXPO) could give Sri Lanka trilateral trade expansion opportunity to enter China and ASEAN market which has a combined population of 2 billion people and a GDP of $18.5 trillion. Participating these expos Sri Lanka can also highlight the investment potential and create confidence in a large number of foreign investors in the Port City and Hambantota Industrial Zone. In short, the expos offer a platform to understand Chinese people and Chinese market as well as to make new linkage with consumers, companies, experts and different technologies which could lead product specialization and export value added products to China, a market with 1.4 billion people and over 400 million middle-income people. In this regard, China can provide technical assistance in framing policy positions and exportdevelopment strategy to help Lankan products to reach the Chinese market. Like Sri Lanka other South Asian countries, can also use the expos to promote their brands, build new trade image and expand their business opportunities in China and the worldwide market. Along with economic and commercial gains, such platforms would forge stronger cultural cooperation which will with further enhance the bilateral brotherly relations and promote win-win co-operation for common prosperity. *Parvej Siddique Bhuiyan, is a development worker as well as a writer in International Policy, Daily Star, Dhaka Tribune and other international media outlets on development issues, bilateral relations and current international affairs.
Source: Eurasia Review
Prime Minister Sheikh Hasina today invited investors of the world to come up with investment in Bangladesh, saying her country is ready to provide all policy support for creating investment-friendly environment. "...We are committed to providing all policy support, including infrastructure, to create an investment-friendly environment in Bangladesh," she said. She was addressing the opening ceremony of two-day International Investment Summit2021, Bangladesh in a city hotel, joining virtually from her official residence Ganabhaban here. The premier expressed her hope that through this conference, investors will be able to learn more about the potential of Bangladesh. She said new markets for Bangladeshi products will be created and Bangladesh will be able to attract the desired investment during the summit. Sheikh Hasina said her government has identified 11 potential investment sectors, including infrastructure, capital markets, financial services, information technology, electronics manufacturing, leather, automotive and light engineering, agro-products and food processing, healthcare and medicine, jute-textiles, and blue-economy. The prime minister mentioned that Awami League (AL) got people's verdict for three consecutive times in the elections since 2008. She said the importance of Bangladesh due to political stability, creation of skilled workforce, liberal investment policy through attractive incentives, and geographical position between the huge markets of South and Southeast Asia is increasing day by day. "As a result of confidence in Bangladesh, more than 60 percent of foreign direct investment is coming through reinvestment," she said. Bangladesh Investment Development Authority (BIDA) organised this Summit. Prime Minister's Private Industry and Investment Advisor Salman Fazlur Rahman, Saudi Arabia's Minister of Transport and Logistics Saleh Nasser A Al-Jasser, and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Jashim Uddin, among others, also spoke. BIDA Executive Chairman Md Sirazul Islam delivered the welcome address. Video messages of Indian Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Shri Piyush Goyal, Chinese Vice Minister for Commerce Ren Hongbin, World Economic Forum Managing Director Jeremy Jurgens, Regional Vice President for Asia and Pacific of International Finance Corporation Alfonso Garcia Mora and President Consumer Durables of Koc Holding AS Turkey and Chairman of Singer Bangladesh Dr Fatih Kemal Ebiclioglu were played. In addition, Japanese Ambassador to Bangladesh Ito Naoki read out the message of Parliamentary Vice-Minister for Foreign Affairs Honda Taro. At the function, an audio-visual documentary titled Discover Limitless Opportunities was also screened. The prime minister also unveiled the publication of the summit.
Source: Jago News 24
